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PROSUS N.V - Summarised consolidated financial statements for the year ended 31 March 2020

Release Date: 29/06/2020 17:50
Code(s): PRX     PDF:  
 
Wrap Text
Summarised consolidated financial statements for the year ended 31 March 2020

Prosus
N.V.
Incorporated in the Netherlands
(Registration number: 34099856)
(Prosus)
Euronext Amsterdam and JSE share code: PRX ISIN: 
NL 0013654783

Summarised consolidated financial statements for the year ended 31 March 2020
including notice of virtual annual general meeting and power of attorney

Chair's letter

Dear Madam/Sir 
I am pleased to enclose the notice of the virtual annual general meeting of Prosus N.V. (the company or Prosus), 
which will be held at 14:00 (Central European time) on Tuesday 18 August 2020. Formally, the virtual meeting will 
be held at ABN AMRO, Gustav Mahlerlaan 10, 1082 PP Amsterdam, the Netherlands.

In accordance with the Temporary Act Covid-19 Justice and Safety, shareholders can only attend the meeting virtually 
via the internet at www.abnamro.com/evoting and if they wish, vote in real time online. The meeting can also be followed 
on the Prosus website www.prosus.com/investors.

At the virtual annual general meeting, our chief executive, Bob van Dijk, will update you on the progress of the business 
in FY20. Subsequently, introductions will be given on other items on the agenda. Following these presentations, we will 
have a full Q&A session on all matters tabled before we conduct the formal business of the virtual meeting (the voting 
on all tabled voting items). 

In accordance with the board rotation plan, Don Eriksson, Mark Sorour, Emilie Choi, Manisha Girotra and Rachel Jafta 
are offering themselves for re-election. 

The end of FY20 marked the retirement of Fred Phaswana as a director and lead independent director of Prosus (and Naspers). 
I would like to thank Fred again on behalf of the board for his contribution to the Naspers and Prosus groups. Fred has 
been a director in the Naspers group for over 15 years and played a key role in transforming Naspers, and subsequently 
Prosus, into one of the top 10 global consumer internet companies by market capitalisation. 

As announced on 29 April 2020, the board decided to nominate Ms Ying Xu for appointment as a non-executive director 
of Prosus.

Full explanations of all proposed resolutions are set out in the explanatory notes to this notice. The board believes that 
all the proposals to be put to you at the virtual annual general meeting are in the best interests of Prosus and all 
shareholders. Accordingly, the directors unanimously recommend that you vote in favour of the resolutions, as they intend 
to do themselves in respect of their own shares. 

The virtual annual general meeting is an important opportunity for all shareholders to express their views by asking 
questions on the above matters and on any other topic relevant to our business and the resolutions.

If you would like to be assured of the fullest possible response to a question asked in the virtual annual general meeting,
it would be helpful if you could submit your questions in advance of the virtual annual general meeting but ultimately on 
15 August 2020, at 14:00 CET. Further questions may be posed during the virtual meeting by those shareholders who submitted 
questions timeously in advance. Of course, you are also invited to write to me at any time should you wish at 
investorrelations@prosus.com. Alternatively, you may ?nd the answer to your question on our website at www.prosus.com. 

Enclosed with this letter you will ?nd the notice of the virtual annual general meeting being convened, together with 
the agenda and the explanatory notes. A voting instruction form has been sent to those of you who are registered in 
Prosus's register of shareholders. Our FY20 year-end documents are available on our website at www.prosus.com/investors. 

If you would like to electronically grant a proxy with voting instructions to Joyce Leemrijse, civil law notary with 
Allen & Overy LLP in Amsterdam, you will have to do so no later than 17:30 (CET) on Tuesday 11 August 2020. Please refer 
to the information provided in the notice to AGM. All your votes are important to us and I would urge you to cast 
your vote. 

You may also cast your own vote electronically in real time during the virtual annual general meeting. The requirements 
are set out in the notice.

The results of the virtual annual general meeting will be announced in the meeting, and subsequently via a press release 
and on the Prosus website www.prosus.com/news as soon as possible following the conclusion of the virtual meeting. 

The virtual meeting will be broadcast on the Prosus website (www.prosus.com).

I look forward to engaging with you virtually on 18 August 2020. 

In accordance with the Dutch Corporate Governance Code, the draft report of the virtual annual general meeting will be 
made available to shareholders on www.prosus.com no later than three months after the end of the meeting.

Yours sincerely

Koos Bekker
Chair


COMMENTARY
The past financial year has seen the Prosus group transform as we executed several significant strategic initiatives, 
which we believe will unlock value over time. Operationally, the group ended the year in a position of strength, with 
accelerating revenue growth in its ecommerce (online commerce) portfolio, improved profitability and substantial net 
cash position with sufficient liquidity. Underpinning these results, Tencent continued to report resilience in an 
uncertain macro-environment. 

Most recently, the onset of a global pandemic has had a marked impact on the daily lives of people globally and the 
economy at large. While the impact is likely to persist for some time, we are confident to weather the storm. The 
group's focus is on safety, plus leveraging its financial flexibility to continue building a business that grows 
strongly, generates high rates of return and provides employment for thousands over the long term. 

After many years of stock-price outperformance, Naspers now represents an outsized position on the JSE Limited's 
shareholder weighted index (SWIX). To extend the Naspers shareholder base and reduce that outsized position, on 
11 September 2019, Naspers listed its international internet assets on Euronext Amsterdam as Prosus N.V. Prosus 
includes all Naspers's operations and investments outside South Africa in online classifieds, food delivery, payments 
and fintech (financial technology), etail (online retail), travel, education, and social and internet platforms. As 
Europe's most valuable consumer internet company, Prosus gives global internet investors direct access to our portfolio 
of international internet assets, as well as exposure to China, India and other high-growth markets. Prosus also has a 
secondary listing on the JSE Limited (JSE) in South Africa. At the date of listing, Prosus was 73.84% owned by Naspers, 
with a free float of 26.16%. In January 2020, to fulfil an obligation to the South African Reserve Bank to repatriate 
US$1.5bn to South Africa, Naspers sold 22 million shares in Prosus, representing 1.35% of the issued Prosus N ordinary 
shares, to institutional investors for gross proceeds of ?1.5bn (US$1.64bn). Following the disposal, Prosus was 
72.49% owned by Naspers with a free float of 27.51%. Naspers has no intention to sell additional shares of Prosus. 

In ecommerce, all key segments made progress against financial and strategic objectives. The classifieds as well as 
payments and fintech segments have now reached profitability at their core and continue to grow profits, while investing 
to drive growth. Classifieds is expanding considerably faster than many of its peers. Food Delivery was the most significant 
investment area, as we grow the market and our position in it by investing in technology. We are also focusing on building 
first-party delivery capabilities, and city and restaurant reach. To date, this investment has driven order and revenue 
growth in our Food Delivery operations ahead of global peers. We believe Food Delivery fits our strategy, as it addresses 
a major consumer need that can be fundamentally transformed by technology. The progress of our core ecommerce segments, 
which are scaling well, builds confidence in our ability of identifying opportunities to create value. 

Tencent delivered a solid financial performance, particularly in fintech and business services. Its expanding ecosystem 
drives strong user engagement, ahead of local and international peers. This positions Tencent to offer new products and 
services to users. We continue to benefit from the close relationship and partnerships we have established in some of 
our markets.

We ended the financial year facing the global Covid-19 pandemic, with many of our markets locking down in March 2020. Our 
priority was the wellbeing of our 20 000 people and the communities we serve around the world. As a global company operating 
in numerous local markets, we take our responsibility seriously. We are helping our people and communities navigate this 
crisis. We donated INR100crore (US$13.1m) to the Indian government's response to the crisis via the Prime Minister's Citizen 
Assistance and Relief in Emergency Situations Fund. In addition, at local level, many of our companies have made meaningful 
contributions. Across the group, we continue to identify ways in which our technological expertise, global networks and 
resources can be used to support the fight against this virus. 

We will continue to respond quickly to the evolving situation to safeguard our people, maintain our ability to serve our 
customers and protect our businesses. While we believe each of our segments will continue to benefit from secular growth 
trends, the global pandemic has affected operations and we need to draw attention to its potential impacts on 2021's 
financial year. That said, we believe the fundamentals of our businesses remain strong. We have sufficient liquidity to 
run the company and the ability to invest in opportunities that may arise during this period. 

Given the wide geographical span of our operations and significant investments in ecommerce in particular, reported 
earnings are materially impacted by foreign exchange movements and the effects of acquisitions and disposals. Where relevant 
in this report, adjustments have been made for the effects of foreign currencies and acquisitions and disposals. These 
adjustments (pro forma financial information) are quoted in brackets after the equivalent metrics reported under International 
Financial Reporting Standards (IFRS) as adopted by the European Union (IFRS-EU). A reconciliation of pro forma financial 
information to the equivalent IFRS-EU metrics is provided elsewhere in these summarised consolidated financial statements.

Financial review
Group revenue, measured on an economic-interest basis, was US$21.5bn, reflecting growth of 17% (23%) from continuing operations.
Measured similarly, and including the stepped-up investment in Food Delivery, group trading profit grew 12% (16%) year on year 
to US$3.8bn. Tencent grew revenues by a healthy 16% (21%) year on year. Driven by classifieds, etail, and payments and fintech, 
the ecommerce business posted strong performance. Overall, revenue growth in ecommerce, adjusted for acquisitions and disposals,
grew 33% in local currency, a 7% acceleration year on year. This was led by the Food Delivery segment, which grew orders 102% 
and revenues by 99% (105%), and strong growth in Classifieds, up 49% (37%). Tencent's profitability improved 17% (22%). 
Trading losses in ecommerce rose to US$918m, reflecting our investment in Food Delivery to grow markets and sustain our leading 
positions. Excluding the increased investments in Food Delivery, and Payments and Fintech as well as acquisitions and disposals, 
ecommerce trading losses reduced by 28% or US$78m in local currency.

Core headline earnings from continuing operations were US$3.4bn ? up 9% (13%). Improving profitability in Tencent and the more 
established ecommerce businesses were partially offset by the additional investment in the Food Delivery business. 

Across the group, we invested US$1.3bn to expand our ecosystem and reach. Notably: through PayU, an investment of US$66m in 
Wibmo to expand our Indian footprint in payment security, mobile payment solutions and processing services; an investment of 
US$163m in PaySense broadens our ecosystem in India as we now start to offer consumer credit; an investment of US$199m in 
Iyzico, a leading payment service provider in Turkey, and US$48m in Red Dot Payment (Red Dot), providing payment solutions 
in Singapore and expanding across Southeast Asia. In Classifieds, we acquired a controlling stake in Frontier Car Group for 
US$320m and the contribution of certain subsidiaries, expanding our transactions business. Ventures invested US$81m in 
Meesho Inc., a leading social commerce online marketplace in India, continuing our successful track record of identifying 
Indian opportunities with the potential to become large businesses. We are also increasing our exposure to the edtech 
(educational technology) businesses by investing a further US$25m and US$44m in our education associates Brainly and Udemy 
respectively. In the Food Delivery business, we invested a further US$100m in our associate Swiggy.

At year-end, we had a solid net cash position of US$4.5bn, comprising US$8.0bn of cash and cash equivalents (including 
short-term cash investments), net of US$3.5bn of interest-bearing debt (excluding capitalised lease liabilities). We also 
have an undrawn US$2.5bn revolving credit facility. Overall, we recorded net interest expense of US$22m for the year. 
In December 2019, we established a US$6bn global medium-term note programme. In terms of this programme, we may 
periodically issue notes denominated in any currency, with a maximum outstanding aggregate nominal amount of US$6bn. 
The notes trade on the Euronext Dublin stock exchange. Under the programme, in January 2020, we successfully issued 
US$1.250bn 3.68% notes due in 2030. The purpose of this offering was to raise proceeds to redeem the US$1.0bn 6.00% 
notes due in July 2020. The principal and interest accrued to the maturity date of these notes were repaid in February 
2020. The group has no debt maturities due until 2025.

Consolidated free cash outflow was US$338m, compared to the prior-year outflow of US$102m from continuing operations 
(excluding the Video Entertainment segment). This change reflects increased investment in the Food Delivery business, 
as well as negative working-capital effects related primarily to merchant cash timing differences of US$28m and transaction 
costs of unbundling MultiChoice Group and listing Prosus of around US$85m. Dividend income received from Tencent increased 
US$35m to US$377m. Cash extractions from our profitable Classifieds businesses continued to grow, increasing US$70m to 
US$305m. The pandemic may have a short-term impact on that trajectory but, the positive trend is expected to return.

We adopted the new accounting standard IFRS 16 Leases on a prospective basis. Accordingly, comparative information has 
not been restated. Refer to note 2 for further details.

The company's external auditor has not reviewed or reported on forecasts included in these summarised consolidated 
financial statements.

Unless otherwise stated, the following segmental reviews are prepared on an economic-interest basis (which includes 
consolidated subsidiaries and a proportionate consolidation of associates and joint ventures).

Segmental review
Internet
Internet revenues were US$21.5bn, up 17% (23%). Internet trading profit rose 12% (16%), even as we increased investment 
across the portfolio and particularly in Food Delivery, as many ecommerce units improved their profitability. Tencent 
delivered a solid performance.

Ecommerce
Overall, ecommerce revenue increased 19% (33%) to US$4.3bn, a 7% acceleration year on year. This was led by contributions 
from Classifieds, Payments and Fintech, Food Delivery and Etail.

Trading losses rose to US$918m after increased investment to capture the online food-delivery opportunity and additional 
investments in payments and fintech to expand its footprint and build its credit offering. Excluding these and 
acquisitions and disposals, ecommerce trading losses reduced by 28% or US$78m in local currency, excluding acquisitions 
and disposals. Our investments in the Food Delivery business have already started delivering meaningful scale, evidenced 
by continued strong growth in orders and revenue. Classifieds continued to invest in convenient transactions, resulting 
in increased trading losses in that business as it scales. However, overall profitability in Classifieds improved year 
on year due primarily to continued revenue growth and strong margins at Avito, Central and Eastern Europe, and reduced 
losses in letgo. Overall, Classifieds trading profit increased 1 100% in local currency, excluding acquisitions and 
disposals. Etail reported narrowing trading losses. Growth in PayU's core payment service provider (PSP) businesses 
reduced the trading profit margin from 2% last year to 1% this year. 

Revenues from our profitable ecommerce businesses totalled US$2.3bn, with trading profits of US$402m. Compared to 
US$2.0bn and US$407m last year, this reflects growth in local currency of 18% and 12% respectively.

Classifieds
Building on the momentum from the previous financial year when the core business became profitable, Classifieds 
delivered healthy results while expanding its business model. This is one of the fastest growing classifieds businesses 
globally, with accelerating revenue growth of 49% (37%) to US$1.3bn. Its businesses generated trading profits of US$34m, 
driven by strong revenue growth in listings and margin improvement. 

Convenient transactions revenue was US$393m, compared to US$103m in the prior year, growing 282% (164%) and contributing 
31% of overall Classifieds revenue for the year. We are investing to improve the value proposition for our customers 
by deepening our relationships with partners and the breadth of our offering in autos. Larger markets in Russia and 
Europe drive growth, with strength in autos and real estate verticals, where leading market positions combine with 
operational execution to drive monetisation and successful financial outcomes. In Russia, Avito has maintained good 
momentum, recording revenues of RUB25.7bn, or year-on-year growth of 22%. Avito delivered a trading profit margin of 
51%, with autos and real estate revenue growing 38% and 21% year on year, respectively. Poland remains the cornerstone, 
growing revenues 16% (21%) to US$185m and recording a trading profit margin of 58%. Autos, real estate and business 
services all performed above expectations.

In the convenient transactions business, CashMyCar in India grew revenue 229% in local currency to US$78m, by expanding 
to over 70 inspection centres and more than 21 000 transactions at the end of the period. 

OLX Brazil, our joint venture with Adevinta, improved its financial performance with year-on-year revenue growth of 10% 
(20%), due to vertical strength. 

Competition in general classifieds increased steadily. In 2020, we expanded our ecosystem and offering, while anchoring 
our competitive advantage where possible. This has allowed us to enhance our localised footprint. 

In December 2019, Classifieds increased its shareholding to a majority in Frontier Car Group, enabling synergies and a 
presence in 10 developing countries globally, with more than 450 inspection centres and over 89 000 transactions for 
the financial year. In Russia, the acquisition of MaxPoster in January 2020 (focused on providing business solutions 
to car dealers) deepens product offerings across the autos category. 

On 3 March 2020, OLX Brazil reached an agreement to acquire Grupo Zap, which includes two leading Brazilian real estate 
verticals: Zap and VivaReal. The transaction is subject to approval by the Brazilian competition authorities and is 
expected to close in the second half of 2020. This investment will be financed equally by the joint venture partners.

On 26 March 2020, we announced the merger of our letgo US business with OfferUp, a deal that combines two of the leading 
classifieds brands in the US with complementary footprints. This will give the business a solid foundation in a highly 
competitive market, this transaction received regulatory approval and is expected to close 1 July 2020.

On 26 April 2020, we completed the merger of our subsidiary Dubizzle Limited (BVI), the leading classifieds platform 
for users in the United Arab Emirates (UAE), with Emerging Markets Property Group (EMPG). EMPG owns and operates bespoke 
classifieds portals in emerging markets across the world, including Bayut in Dubai, Zameen in Pakistan and Mubawab in 
Morocco, North Africa. The group also contributed cash of some US$75m. Following the transaction, the group will hold 
a 39% interest in EMPG, and account for this interest as an investment in associate.

In mid-March 2020, many of the markets in which we operate entered lockdown. In Classifieds we have seen a decline in 
traffic in marketplaces but have taken steps to assist customers and partners. In the short term, we expect to record 
some impact on revenue and profitability.

Food Delivery
This sector is evolving rapidly, moving from a marketplace model (third-party or 3P) to implementing an own-delivery 
model (first-party or 1P). This is increasing the size of the market and corresponding opportunity. We are at the 
forefront of this transformation and investing heavily in food delivery to grow both the size of the market and our 
position. We invest in product and technology innovation, including logistics, convenience and grocery delivery, cloud 
kitchens and private brands. We are also investing in technology, which is significantly improving consumer targeting 
to optimise customer acquisition and marketing costs while improving 1P economics by smartly routing delivery 
representatives to points of highest demand density. We anticipate further opportunity in this market which will be 
disrupted by technology. Our investment in the Food Delivery business has meaningful scale, as evidenced by continued 
growth in orders and revenue.

In the current year, this segment grew rapidly and is now one of the fastest-growing platforms globally, producing 
cumulative annualised gross merchandise value (GMV) growth of 76% year on year. Segment revenue increased 99% (105%), 
with strong contributions from our entire portfolio. Trading losses rose to US$624m from US$171m, reflecting continued 
investments in growth by the respective businesses. 

In Latin America, iFood posted revenue growth of 94% (113%), as a result of product innovation and the growth of its 
logistics business. iFood remains the clear leader in Brazil and holds competitive positions in Mexico and Colombia. 
In March 2020, iFood Brazil supported a network of 160 000 active restaurants and processed 31 million orders, 
compared to 17 million last year. iFood Brazil has ramped up its own-delivery business, and 1P orders now exceed 
30% of orders and the total volume of the nearest 1P competitor. In April 2020, we announced that iFood would join 
forces with Delivery Hero in Colombia. iFood will retain a 51% share and operate the combined business, Domicilios.com.

In India, Swiggy's revenue grew 182% year on year, driven by expansion into new cities. Swiggy now operates in over 
520 cities and supports more than 160 000 restaurant partners, up from 85 000 a year ago. We invested an additional 
US$100m in Swiggy in February 2020 to support its business growth, increasing our already substantial commitment 
in India. 

For the year ended 31 December 2019, Delivery Hero reported segmental revenue growth of 109% and order volume 
growth of 80%. GMV grew 66% year on year in constant currency to ?7.4bn, primarily due to faster delivery times, 
efficiencies in customer acquisition and increased order frequency following investments to improve product and 
technology. Delivery Hero engaged in M&A and portfolio consolidation during the year, like the acquisition of shares 
in South Korean Woowa Brothers Corp., and the incorporation of a joint venture to consolidate their footprint in 
the region. Delivery Hero has also restructured its German operations, disposing of its food-delivery business to 
Takeaway.com N.V. for cash and an equity stake in Takeaway. More information on Delivery Hero's results is available 
at https://ir.deliveryhero.com. 

The lockdown state in many of our markets affected the Food Delivery business. While our platforms are recording 
increased demand, we have not always been able to meet demand due to supply issues as restaurants closed. In India, 
Swiggy has been permitted to continue operating during the lockdown, but this was not implemented uniformly across the 
country and Swiggy's services have been halted in some regions. It is engaging with national and regional authorities 
in India. In Brazil, iFood's efforts to assist its restaurant and food-delivery partners have mitigated some supply 
issues and order volume is holding up well. In the longer term, we believe the current environment may drive a 
structural shift in global consumption patterns in favour of food delivery.

Payments and Fintech
PayU's revenue grew 19% (21%) year on year, on the back of 26% (29%) higher volumes processed. Processed volumes reached 
US$37.9bn, driven by 30% growth in the number of transactions processed. The Payments and Fintech business's trading loss 
margin increased from 12% last year to 16%. This reflected improvement in profitability in the core PSP business, offset 
by investment to build a credit offering, primarily in India, and expanding our footprint in Southeast Asia with the 
Red Dot acquisition.

The payments business in India remains the growth engine, with volumes growing 30% (32%). In 2020, India's processed 
volumes were US$19.4bn, 51% of the total volume processed by PayU. Structural shifts to digital payments in the country, 
our ability to increase conversion rates for enterprise merchants, and our ability to enter new segments such as billing 
and small/medium-sized businesses, have been the main drivers of this growth at market rates.

In July 2019, we acquired Wibmo (a payment security leader) and also created closer partnerships with leading banks to 
reduce transaction failures and further strengthen our relationship with merchants.

In line with PayU's mission to build a world without financial borders, we have been pioneering credit for underbanked 
people in India. We started building an inhouse credit business two years ago and organically scaled this to over US$10m 
monthly issuances. We recently acquired a majority stake of 79.2% in PaySense for US$163m. PayU is setting the ambitious 
goal of building a strong credit franchise in India. While we believe the expansion of our credit business over time 
offers significant potential, it is important that we build the loan book methodically, with acceptable loss rates. We 
have temporarily paused due to the global pandemic. 

In mid-March 2020, our Payments and Fintech business began to be impacted by lockdowns in markets in which we operate. 
It is still too early to estimate the full impact although we have seen a significant initial drop in transaction volumes 
in payments. India represents over 50% of the Payments and Fintech business's transaction volumes. In time, this business 
is expected to benefit from large sectoral trends, including more customers transacting online and more online transactions 
being executed through alternative forms of payment (other than cash). Our European businesses appear resilient and continued 
to grow during the pandemic, although that could change if the broader economic environment deteriorates further. 

In December 2019, we completed the acquisition of a 90% interest in Iyzico for around US$199m to consolidate our position 
in Turkey's high-growth ecommerce market. Turkey is now our second-largest market in the Europe, Middle East and Africa 
region. On integration, PayU will be able to leverage existing relationships with global merchants and Iyzico's product 
capabilities to drive incremental cross-border volume.

We also added the South Asia market to our footprint by acquiring a majority in Red Dot, based in Singapore. Southeast 
Asia is an attractive base to enter one of the most dynamic markets globally, with ecommerce growth (62% CAGR 2015-19) 
and a high share of alternative payment methods (70% of ecommerce). This transaction gives us access to local 
payment-processing capabilities, supporting our merchants' expectations, and provides unique payment solutions particularly 
for the hotel and hospitality segment. We have integrated Red Dot into our global hub to offer all existing merchants access 
to the Southeast Asia market. 

Etail
The Etail segment accelerated revenue growth to 16% year on year, measured in local currency and adjusted for the disposal 
of Flipkart. On the same basis, the segment also improved profitability, reducing its trading losses by economies of scale 
such as higher gross margins and fixed cost control.

eMAG, our leading business-to-consumer (B2C) platform in Central and Eastern Europe, continued to outpace market growth 
and improve its economics over the review period. Organic revenue growth reached 16% and trading profit increased 35%. 
eMAG's core market, Romania, realised 17% GMV growth in local currency. Performance was particularly strong across the 
3P marketplace, which grew 26% in local currency. In Hungary, eMAG's second-largest market, the business delivered GMV 
growth of 25% in local currency. Both the retail and marketplace businesses contributed meaningfully to eMAG Hungary's 
results. 

eMAG's main market, Romania, entered lockdown on 26 March 2020, but the business is holding up well. It recorded a boost 
in the early stages of the lockdown as customers shifted to online purchasing. While the rate of growth is likely to subside 
over time, we believe the pandemic may prove an accelerator in the structural shift to ecommerce. 

In October 2019, the Hungarian competition authority approved the merger of eMAG Hungary with eDigital, two leading online 
retailers. This combination expands eMAG's product offering to consumers and brings in the experienced and talented 
eDigital founders, who will lead the merged business.

Travel
In April 2019, we announced the exchange of our 43% interest in MakeMyTrip, our equity-accounted online travel investment 
in India, for a 5.6% interest in Trip.com Group Limited (formerly Ctrip.com International Limited) (Trip.com). The transaction 
closed at the end of August 2019, resulting in a gain of US$599m. Our share of MakeMyTrip's reported revenues was US$146m, 
up 8% (measured in local currency, adjusted for acquisitions and disposals).

We include eight months of results for MakeMyTrip in our segmental results, representing our share of its earnings for 
the period up to disposal and a catch-up of the lag period applied in reporting its results. On a similar basis, trading 
losses in the Travel segment (measured in local currency, adjusted for acquisitions and disposals) increased 21% year on 
year. After the Trip.com transaction, our Travel segment will cease to exist and will not be reported on after this 
financial year. The investment in Trip.com is accounted for at fair value through other comprehensive income. More information 
on MakeMyTrip's results is available at http://investors.makemytrip.com.

Tencent
For the year ended 31 December 2019, Tencent's revenue of RMB377bn was up 21% year on year. Non-GAAP profit attributable 
to shareholders (Tencent's measure of normalised performance) grew 22% to RMB94bn.

Revenues from value-added services increased 13% to RMB200bn, with online games revenues growing 10% to RMB115bn and social 
networks revenues rising 17% to RMB85bn. Revenues from fintech and business services increased 39% to RMB101bn, and revenues 
from the online advertising business rose 18% to RMB68bn.

Tencent continued to lead in China, with nine of the top 20 mobile apps. Combined monthly active users (MAU) of Weixin and 
WeChat increased 6% to 1.16 billion. The Weixin mini program ecosystem became increasingly vibrant, with an annual 
transaction volume of over RMB800bn. With enhanced chat and friend recommendation features, as well as entertainment use 
cases via mini programs, QQ's popularity with the younger generation continues to increase. However, QQ smart devices' MAU 
declined 7.5% year on year to 647 million as Tencent proactively cleaned up spamming and bot accounts. 

China's online games market recovered after in-game monetisation licence approvals resumed in December 2018. Tencent 
extended its leadership. It has also made breakthroughs in self-developed games for international markets, with five of 
the top 10 international mobile games. Tencent's international revenue rose to 23% of total online games revenue in the 
fourth quarter of 2019.

Tencent currently operates the largest mobile payment platform in China by daily active users (DAU) and transaction volumes. 
Daily commercial payment transactions exceeded 1 billion as Tencent deepened penetration among offline merchants. In cloud, 
Tencent has over 1 million paying customers and outgrows peers with increasing scale and higher operating efficiency.

Despite the challenging economic environment, Tencent achieved robust advertising revenue growth by progressively realising 
the potential of Weixin Moments and expanding its mobile ad network. Tencent video subscriptions exceeded 100 million. 
Music subscription accelerated as it benefited from the pay-for-streaming model. 

Tencent continues to grow off a very large base in a market that appears to be emerging well from the impact of Covid-19. 
It has been working relentlessly to mitigate the impacts of the pandemic. Tencent has steered its engineering scale and 
product suite to help the government and businesses navigate and recover from the impacts of Covid-19. This has benefited 
millions of enterprises that used WeChat for Work to resume operations in the wake of the outbreak. Over 300 million Weixin 
users have used Tencent Health as an access point for real-time pandemic data, online consultations and self-diagnosis 
services powered by artificial intelligence (AI). Through Tencent Medipedia, users can access professional medical information. 
Tencent has also provided medical AI imaging capabilities to assist the diagnosis of Covid-19. Its operational performance 
has remained resilient through the crisis, underpinning the value of its diverse portfolio and broad ecosystem.

More information on Tencent's results is available at www.tencent.com/en-us/ir.

Mail.ru
For the year ended 31 December 2019, Mail.ru's revenues grew 22% to RUB87.1bn. Non-GAAP EBITDA (Mail.ru's measure of 
normalised performance) grew 10% to RUB29.8bn. Advertising revenue rose 23% to RUB36.5bn. This was driven by user and 
user engagement growth, increased inventory of video advertisements and contextual targeting advertisements, and technology 
advancements in its advertising platforms. 

Online games revenue grew 20% to RUB28bn. International revenues accounted for 68% of online games revenue.

Mail.ru is leveraging its leadership in the social and communications segment to build social ecommerce and online-to-offline 
(O2O) verticals that complement its user experience. A transformational AliExpress Russia joint venture between Mail.ru, 
Alibaba, MegaFon and Russian Direct Investment Fund was launched. This integrates Mail.ru's cross-border ecommerce platform, 
Pandao, with Alibaba's AliExpress and Tmall services in Russia. In December 2019, Sberbank and Mail.ru formed a Russian O2O 
services platform joint venture, focusing on food technology and mobility. Mail.ru contributed its food-delivery business, 
Delivery Club, and a 29.67% stake in Citymobil, Russia's second-largest taxi application, to the new entity.

As a long-term investor in Russian digital businesses, we continue to monitor proposed legislation that would potentially
limit foreign ownership of businesses in Russia that are defined as significant information resources. As a long-standing 
participant in the country, we have stayed the course through various business cycles, up and down. We remain confident 
of a continued favourable disposition to our investment in the country.

More information on Mail.ru's results is available at https://corp.mail.ru/en/investors/.

Prospects
We anticipate a time when Covid-19 will no longer have the impact on the global economy it has today. We hope to emerge 
from the global pandemic stronger.

Until then, we face these challenges from a position of relative financial strength. We closed our financial year on 
31 March 2020 with US$4.5bn in net cash and a US$2.5bn undrawn revolving credit facility; with accelerating growth in 
our ecommerce portfolio; and improved profitability. We believe we have sufficient liquidity to run the company, while 
investing in opportunities that may arise during this period. 

Our focus will remain on driving profitability in our more-established ecommerce segments, such as the classified 
markets and PSP business in the payment and fintech segment. We will invest substantially in food delivery, as well 
as the convenient transaction model in classifieds and credit in payments. Our strong balance sheet provides a basis 
for driving growth and unlocks new opportunities. We will also improve the competitiveness of our platforms by investing 
in tech and product, and reinforcing our AI capabilities.

All our operations have business continuity plans in place. We are assessing potential impacts and supporting our 
businesses. The challenges of Covid-19 will vary by sector and geography, but we have the teams, the resources and the 
experience required to navigate them.

Risks
Our risk management and compliance processes provide the board with periodic and holistic overviews and understanding 
of key risks and their management. Businesses are required to apply a methodical approach to governing risks and 
opportunities, so that risks and opportunities are governed as intended and desired outcomes are achieved. The principal 
risks faced by the group are categorised as financial capital, human capital, manufactured capital, intellectual 
capital, social and relationship capital, and natural capital. Specific risks and uncertainties appear in the annual 
report under the section Managing risks and opportunities, which will be available on the Prosus website on 29 June 2020. 
The annual report describes these risk categories and individual risks (including measures in response to those risks) 
that could have a material adverse effect on Prosus's financial position and results. In addition, the annual report, 
under the section Responding to Covid-19, sets out our response to the pandemic that affected the latter part of the 
year ended 31 March 2020 and has been identified as a new risk affecting the group.

Additional risks not known to Prosus, or currently believed not to be material, could later turn out to have a material 
impact on our business, objectives, revenues, income, assets, liquidity or capital resources. 

Directorate
The directorate of the company substantially mirrors that of its holding company, Naspers Limited. The board of 
directors is a one-tier structure, comprising both executive and non-executive directors.

The executive directors, Bob van Dijk (chief executive) and Basil Sgourdos (chief financial officer), were appointed 
from 16 May 2019. The non-executive directors, namely Koos Bekker (chair), Emilie Choi, Hendrik du Toit, Craig Enenstein, 
Don Eriksson, Rachel Jafta, Nolo Letele, Debra Meyer, Roberto Oliveira de Lima, Steve Pacak, Fred Phaswana (lead 
independent director), Mark Sorour, Cobus Stofberg and Ben van der Ross were appointed from 14 August 2019.

From 31 March 2020, our non-executive director and lead independent director, Fred Phaswana retired from the board. 
Fred Phaswana served on the Prosus board and acted as lead independent director since August 2019. He was a director of 
Naspers Limited and various group structures. He was also a member of the Prosus human resources and remuneration, and 
nomination committees. The board thanks him for his superb commitment to the Naspers group over many years ? his 
unique contributions were highly valued and will be missed. From 1 April 2020, Hendrik du Toit, an independent 
non-executive director, was appointed lead independent director. 

In addition, from 24 April 2020, Ben van der Ross, independent non-executive director, stepped down from the 
audit and risk committees and was appointed to the social, ethics and sustainability committee. The board thanks him 
for his valuable contribution over many years to the audit and risk committees.

The appointment of Manisha Girotra as an independent non-executive director was confirmed on 1 October 2019. 
Ms Girotra also serves as a member of the audit committee. 

As announced on 29 April 2020, the board will nominate Ying Xu for appointment as an independent non-executive director 
of Prosus at the upcoming annual general meeting.

Dividend number 1
(All figures in euro cents unless stated otherwise.) 

The board recommends that shareholders are entitled to a gross payment, in the form of a capital repayment, of 
11 euro cents per listed N ordinary share. Holders of A1 ordinary shares will receive a dividend distribution of 
0.602 euro cent per share. Furthermore, the board recommends that holders of N ordinary shares as at 23 October 2020 
(the dividend record date) who do not wish to receive a capital repayment can make a choice to receive a dividend 
instead. A choice for one option implies an opt-out of the other option. If confirmed by shareholders at the virtual 
annual general meeting on 18 August 2020, elections to receive a dividend instead of a capital repayment will need 
to be made by holders of N ordinary shares by 9 November 2020. Capital repayments and dividends will be payable to 
shareholders recorded in the books on the dividend record date and paid on 17 November 2020. 

Capital repayments will be paid from share capital for Dutch tax purposes. No dividend tax will be withheld on the 
amounts of capital reductions paid to shareholders. 

Shareholders electing to receive a dividend will receive a dividend declared from retained earnings. Dividends will 
be subject to the Dutch dividend tax rate of 15% to those shareholders not exempt from dividend withholding tax and 
to those shareholders who are not entitled to a reduced dividend withholding tax rate. 

Dividends payable to shareholders who elect to receive a dividend and who hold their listed N ordinary share through 
the listing of the company on the JSE will, in addition to the Dutch dividend withholding, be subject to South African 
dividend tax at a rate of up to 20%. The amount of additional South African dividend tax payable will be calculated 
by deducting from the 20% South African dividend tax otherwise due, a rebate equal to the Dutch dividends tax paid 
in respect of the dividend (without any right of recovery). Those shareholders, unless exempt from paying dividend 
tax or entitled to a reduced withholding tax rate in terms of an applicable tax treaty, will be subject to a 
maximum of 20% total dividend ta

The issued ordinary share capital as at 29 June 2020 was 1 624 652 070 N ordinary shares and 3 511 818 A1 ordinary shares.

Independent audit
The summarised consolidated financial statements have been derived from the consolidated financial statements included 
in our 2020 annual report. In accordance with Article 393 of Book 2 of the Dutch Civil Code, PricewaterhouseCoopers 
Accountants N.V. has issued an unqualified auditor's opinion on those financial statements. The summarised 
consolidated financial statements should be read in conjunction with the consolidated financial statements in the 
2020 annual report published on 29 June 2020.

On behalf of the board 

Koos Bekker                         Bob van Dijk
Chair                               Chief executive

Amsterdam
29 June 2020

Summarised consolidated income statement
                                                                                                  Year ended 31 March
                                                                                                  2020           2019    
                                                                                  Notes          US$'m          US$'m    
Continuing operations                                                                                               
Revenue from contracts with customers                                                 6          3 330          2 655    
Cost of providing services and sale of goods                                                    (2 177)        (1 600)   
Selling, general and administration expenses                                                    (1 762)        (1 437)   
Other gains/(losses) - net                                                            8             16            (40)   
Operating loss                                                                                    (593)          (422)   
Interest income                                                                       7            201            265    
Interest expense                                                                      7           (223)          (200)   
Other finance income - net                                                            7            114            114    
Share of equity-accounted results                                                                3 930          3 409    
Impairment of equity-accounted investments                                                         (21)           (88)   
Dilution losses on equity-accounted investments                                                    (52)          (182)   
Net gains on acquisitions and disposals                                               8            434          1 610    
Profit before taxation                                                                8          3 790          4 506    
Taxation                                                                                           (75)          (258)   
Profit from continuing operations                                                                3 715          4 248    
Loss from discontinued operations                                                     4              -           (738)   
Profit for the year                                                                              3 715          3 510    
Attributable to:                                                                                                         
Equity holders of the group                                                                      3 824          3 581    
Non-controlling interests                                                                         (109)           (71)   
                                                                                                 3 715          3 510    
Per share information related to continuing operations(1)                                                                
Earnings per ordinary share (US cents)                                                             235            265    
Diluted earnings per ordinary share (US cents)                                                     231            262    
Headline earnings for the year (US$'m)                                                5          2 795          3 806    
Headline earnings per ordinary share (US cents)                                                    172            234    
Diluted headline earnings per ordinary share (US cents)                                            168            232    
Core headline earnings for the year (US$'m)                                           5          3 357          3 090    
Core headline earnings per ordinary share (US cents)                                               207            190    
Diluted core headline earnings per ordinary share (US cents)                                       203            188    
Net number of ordinary shares issued ('000)(1)                                                                           
- weighted average for the year                                                              1 625 354      1 625 354    
- diluted weighted average                                                                   1 625 354      1 625 354    
(1) Per share information for the comparative period is based on the net number of shares issued for the year ended 
    31 March 2020 to permit comparability. This is also applied as the actual change in shares issued represents a 
    capitalisation without consideration (refer note 2).                                             

Summarised consolidated statement of comprehensive income
                                                                                                 Year ended 31 March
                                                                                                  2020         2019    
                                                                                                 US$'m        US$'m    
Profit for the year                                                                              3 715        3 510    
Total other comprehensive loss, net of tax, for the year(1)                                     (1 406)        (105)   
Translation of foreign operations                                                               (1 361)      (1 033)   
Net fair-value (losses)/gains                                                                     (282)           9    
Cash flow hedges                                                                                     -           (2)   
Share of other comprehensive income and reserves of equity-accounted investments                   237          919    
Tax on other comprehensive income                                                                    -            2    
                                                                                                                       
Total comprehensive income for the year                                                          2 309        3 405    
Attributable to:                                                                                                       
Equity holders of the group                                                                      2 455        3 521    
Non-controlling interests                                                                         (146)        (116)   
                                                                                                 2 309        3 405    
(1) These components of other comprehensive income may subsequently be reclassified to profit or loss except for 
    fair-value loss of US$282.0m (2019: gains of US$8.5m) relating to the group's financial assets at fair-value 
    through other comprehensive income and fair-value gains of US$78.7m (2019: US$752.4m) from equity-accounted 
    investments' financial assets at fair value through other comprehensive income and direct reserve movements.

Summarised consolidated statement of financial position

                                                                                                              As at     
                                                                                      As at 31 March        1 April    
                                                                                     2020        2019          2018(1)     
                                                                 Notes              US$'m       US$'m         US$'m    
Assets                                                                                                                   
Non-current assets                                                                 26 655      23 021        20 721    
Property, plant and equipment                                                         377         143           622    
Goodwill                                                             9              2 169       2 035         2 198    
Other intangible assets                                                               844         794           979    
Investments in associates                                                          22 233      19 746        16 669    
Investments in joint ventures                                                          72          95            74    
Other investments and loans                                                           886         187           121    
Other receivables                                                                       4           6            21    
Derivative financial instruments                                                       55           1             1    
Deferred taxation                                                                      15          14            36    
Current assets                                                                      9 109       9 970        12 011    
Inventory                                                                             213         148           172    
Programme and film rights                                                               -           -            35    
Trade receivables                                                                     111         135           315    
Other receivables                                                                     529         499           526    
Derivative financial instruments                                                        -           -             8    
Short-term investments                                                              3 873       7 037             -    
Cash and cash equivalents                                                           4 181       2 135        10 955    
                                                                                    8 907       9 954        12 011    
Assets classified as held for sale                                  11                202          16             -    
Total assets                                                                       35 764      32 991        32 732    
Equity and liabilities                                                                                                   
Capital and reserves attributable to the group's equity holders                    29 100      27 250        23 875    
Share capital and premium                                                             606         599         2 032    
Other reserves                                                                     (1 922)       (207)         (684)   
Retained earnings                                                                  30 416      26 858        22 527    
Non-controlling interests                                                             214         132            21    
Total equity                                                                       29 314      27 382        23 896    
Non-current liabilities                                                             4 303       4 034         5 395    
Capitalised lease liabilities                                                         184           5           435    
Liabilities - interest-bearing                                                      3 508       3 237         3 216    
- non-interest-bearing                                                                 20           2            15    
Other non-current liabilities                                                         402         581         1 397    
Derivative financial instruments                                                        2          33           123    
Deferred taxation                                                                     187         176           209    
Current liabilities                                                                 2 147       1 575         3 441    
Current portion of long-term debt                                                      63          22           130    
Trade payables                                                                        291         244           342    
Accrued expenses and other current liabilities                                      1 697       1 296         2 965    
Derivative financial instruments                                                       38           3             3    
Bank overdrafts                                                                        32           8             1    
                                                                                    2 121       1 573         3 441    
Liabilities classified as held for sale                             11                 26           2             -    
Total equity and liabilities                                                       35 764      32 991        32 732    
(1) A statement of financial position is presented as at 1 April 2018 on transition to IFRS-EU. Refer to note 2.

Summarised consolidated statement of changes in equity
                                Share                                                                                                   
                              capital                                Existing     Share-                                                
                                  and       Foreign                   control      based                              Non-              
                              premium      currency                  business    compen-                Share-    control-              
                             ordinary   translation   Valuation   combination     sation   Retained   holders'        ling              
                               shares       reserve     reserve       reserve    reserve   earnings      funds   interests     Total    
                                US$'m         US$'m       US$'m         US$'m      US$'m      US$'m      US$'m       US$'m     US$'m    
Balance at 1 April 2018         2 032          (642)        727        (2 070)     1 301     22 527     23 875          21    23 896    
Total comprehensive                                                                                                         
income for the year                 -          (806)        353             -        393      3 581      3 521        (116)    3 405    
Profit for the year                 -             -           -             -          -      3 581      3 581         (71)    3 510    
Total other comprehensive                                                                                                   
loss for the year                   -          (806)        353             -        393          -        (60)        (45)     (105)   
Distribution of MultiChoice                                                                                                 
Africa and Irdeto(1)           (1 433)            -           -            56         (3)       982       (398)        278      (120)   
Share-based compensation     
movement(2)                         -             -           -             -         41          -         41           2        43    
Transactions with                                                                                                           
non-controlling              
shareholders(3)                     -             -           -           927          -       (716)       211         (37)      174    
Direct retained earnings and                                                                                                
other movements(4)                  -             -        (439)            -        (45)       484          -           -         -    
Dividends                           -             -           -             -          -          -          -         (16)      (16)   
Balance at 31 March 2019          599        (1 448)        641        (1 087)     1 687     26 858     27 250         132    27 382    
Balance at 1 April 2019           599        (1 448)        641        (1 087)     1 687     26 858     27 250         132    27 382    
Total comprehensive                                                                                                         
income for the year                 -        (1 201)       (597)            -        429      3 824      2 455        (146)    2 309    
Profit for the year                 -             -           -             -          -      3 824      3 824        (109)    3 715    
Total other comprehensive                                                                                                   
loss for the year                   -        (1 201)       (597)            -        429          -     (1 369)        (37)   (1 406)   
Distribution(5)                     -             -           -             -          -       (215)      (215)          -      (215)   
Share capital movement(6)           6             -           -             -          -         (6)         -           -         -    
Share-based compensation                                                                                                    
movement(2)                         -             -           -             -         26       (193)      (167)         (3)     (170)   
Transactions with                                                                                                           
non-controlling              
shareholders(3)                     -             -           -          (160)         -        (10)      (170)        232        62    
Other movements(7)                  -             -           -             9          -        (62)       (53)          -       (53)   
Direct retained earnings                                                                                                    
and other movements(4)              1             2         (42)           (7)      (174)       220          -           -         -    
Dividends                           -             -           -             -          -          -          -          (1)       (1)   
Balance at 31 March 2020          606        (2 647)          2        (1 245)     1 968     30 416     29 100         214    29 314    
(1) Relates to MultiChoice Africa and Irdeto which were disposed of to Naspers, who subsequently distributed their Video 
    Entertainment business to their shareholders in February 2019 through a listing on the JSE Limited stock exchange (refer 
    to note 4). Non-controlling interests shared in the losses of these entities.
(2) Retained earnings includes a decrease of US$192.8m (2019: US$nil) related to the modification of share-based compensation 
    benefits. The share-based compensation reserve includes a decrease of US$19.4m (2019: US$nil) as a result of this modification 
    and an increase due to the current-year expense recognised in the income statement of US$62.5m (2019: US$56.0m).
(3) The current year relates mainly to the put option liabilities raised from the existing control business combination 
    reserve of US$137.5m. The group's various disposals and other transactions with non-controlling interest resulted in the 
    realisation of reserves to retained earnings of US$9.6m and non-controlling interest of US$228.5m. In the prior year the 
    settlement of put option liabilities and transactions with non-controlling interest amounted to US$924.9m.
(4) Relates to the realisation of the fair-value reserves recognised through other comprehensive income of US$42.1m 
    (2019: US$439.4m), the recycling of share-based compensation reserve of US$173.6m (2019: US$44.8m) on the vesting of the 
    share options and existing business combination reserves of US$7.1m (2019: US$nil).
(5) Relates to the distributions as a result of common control transactions. Refer to note 15.
(6) 1 185 996 011 N ordinary shares and 2 452 605 A ordinary shares were issued prior to the listing of Prosus on 
    11 September 2019. Pursuant to the listing the group issued 438 656 059 N ordinary shares and 1 059 213 A ordinary shares.
(7) Relates mainly to the realisation of reserves as a result of various disposals and liquidations to retained 
    earnings of US$61.6m and in existing control business combination reserve of US$8.5m.

Summarised consolidated statement of cash flows
                                                                                                  Year ended 31 March
                                                                                                  2020           2019    
                                                                                  Notes          US$'m          US$'m
Cash flows from operating activities                                                                                 
Cash from operations                                                                              (475)          (372)   
Interest income received                                                                           224            201    
Dividends received from investments and equity-accounted investments                               382            342    
Interest costs paid                                                                               (230)          (215)   
Taxation paid                                                                                     (110)          (101)   
Net cash utilised in operating activities                                                         (209)          (145)   
Cash flows from investing activities                                                                                     
Acquisitions and disposals of tangible and intangible assets                                       (97)          (106)   
Acquisitions of subsidiaries, associates and joint ventures                          12           (865)        (1 397)   
Disposals of subsidiaries, businesses, associates and joint ventures                 12            109          1 821    
Acquisition of short-term investments(1)                                                        (3 866)        (8 591)   
Maturity of short-term investments(1)                                                            7 010          1 624    
Cash movement in other investments and loans                                                       (21)            (4)   
Net cash generated from/(utilised in) investing activities                                       2 270         (6 653)   
Cash flows from financing activities                                                                                     
Proceeds from long- and short-term loans raised                                      13          1 300             62    
Repayments of long- and short-term loans                                             13         (1 047)           (51)   
Proceeds from related party loans                                                                    -            171    
Payments to related parties(2)                                                                     (58)          (551)   
Additional investment in existing subsidiaries(3)                                                  (64)        (1 607)   
Dividends paid to non-controlling interests                                                         (1)           (16)   
Distribution(4)                                                                                   (215)             -    
Repayments of capitalised lease liabilities                                                        (29)           (21)   
Funding received from non-controlling shareholders                                                 127             56    
Other movements resulting from financing activities                                                  4              2    
Net cash generated from/(utilised in) financing activities                                          17         (1 955)   
Net movement in cash and cash equivalents                                                        2 078         (8 753)   
Foreign exchange translation adjustments on cash and cash equivalents                              (37)           (80)   
Cash and cash equivalents at the beginning of the year                                           2 127         10 961    
Cash and cash equivalents classified as held for sale                                11            (19)            (1)   
Cash and cash equivalents at the end of the year                                                 4 149          2 127    
(1) Relates to short-term cash investments with maturities of more than three months from the date of acquisition.
(2) Includes payments on behalf of related parties amounting to US$48.2m (2019: US$nil), and US$10.1m for loans 
    advanced to related parties.
(3) Relates to transaction with non-controlling interest. The prior year includes the settlement of the group's 
    put option liabilities.
(4) Relates to distributions as a result of common control transactions. Refer to note 15.

Cash flow information related to the 2019 financial year includes cash flows associated with discontinued operations. 
Refer to note 4.

Notes to the summarised consolidated financial statements
1.  General information
    Prosus N.V. (Prosus or the group) (formerly Myriad International Holdings N.V.) is a public company with limited liability 
    (naamloze vennootschap) incorporated under Dutch law, with its registered head office located at Symphony Offices, 
    Gustav Mahlerplein 5, 1082 MS Amsterdam, The Netherlands, (registered in the Dutch commercial register under number 34099856). 
    Prosus is a subsidiary of Naspers Limited (Naspers), a company incorporated in South Africa. On 11 September 2019, Prosus 
    was listed on the Euronext Amsterdam stock exchange, with a secondary listing on the JSE Limited stock exchange (JSE) 
    in South Africa.

    The Prosus group is a global consumer internet group and one of the largest technology investors in the world.
    Operating and investing in countries and markets across the world with long-term growth potential, Prosus builds leading
    companies that empower people and enrich communities. The group operates and partners with a number of leading internet
    businesses across the Americas, Africa, Central and Eastern Europe, and Asia in sectors including online classifieds, food
    delivery, payments and fintech, travel, education, health, and social and internet platforms. The summarised consolidated
    financial statements for the year ended 31 March 2020 have been authorised for issue by the board of directors on 
    29 June 2020.

2.  Basis of presentation and accounting policies
    Information on the summarised consolidated financial statements
    The summarised consolidated financial statements have been prepared in accordance with the accounting policies as
    applied by Prosus and consistent with those applied in the consolidated financial statements for the year ended 
    31 March 2020. The summarised consolidated financial statements contain the information required by IAS 34 Interim 
    Financial Reporting (IAS 34) with the exception of IAS 34.56 and accordingly, the financial information for the second 
    half of the current year is not presented separately. These summarised consolidated financial statements do not 
    constitute the full financial statements within the meaning of Part 9 of Book 2 of the Dutch Civil Code. 
    
    The summarised consolidated financial statements do not include all the disclosures required for complete
    consolidated financial statements prepared in accordance with International Financial Reporting Standards as adopted 
    by the European Union (IFRS-EU). All amounts disclosed are in millions of US dollar (US$'m), unless otherwise stated. 
    The summarised financial information included in these financial statements are derived from the consolidated financial 
    statements as included in the annual report for the year ended 31 March 2020. The summarised financial statements should 
    be read in conjunction with the annual report that has been authorised for issue and is available on the Prosus website
    https://www.prosus.com.

    The summarised consolidated financial statements presented here report earnings per share, diluted earnings per
    share, headline earnings per share and core headline earnings per share (collectively referred to as earnings per share).
    These are calculated as the relationship of the number of ordinary shares of Prosus issued as at 31 March 2020, to the net
    profit, headline earnings and core headline earnings attributable to the shareholders of Prosus. Earnings per share are
    also reported for the prior reporting period, based on the same shares issued. This is applied as the actual change in
    shares issued (including redenomination) in the period only represents a capitalisation and/or share split without the
    receipt of any consideration for the shares issued. Pursuant to the listing, the group issued 438 656 059 N ordinary
    shares and 1 059 213 A ordinary shares to shareholders. As the MIH Ming He Holdings Limited (Ming He) acquisition is 
    already reflected as from the transition date onwards, the actual share issuance is considered a capitalisation without
    consideration received.

    Operating segments
    The group's operating segments reflect the components of the group that are regularly reviewed by the chief operating
    decisionmaker as defined in note 39 "Segment information" in the consolidated financial statements. The group
    proportionately consolidates its share of the results of its associates and joint ventures in its operating segments.

    Going concern
    The summarised consolidated financial statements are prepared on the going concern basis. Based on forecasts and
    available cash resources, the group has adequate resources to continue operations as a going concern in the foreseeable
    future. As at 31 March 2020, the group recorded US$8.03bn in net cash, comprising US$4.18bn of cash and cash equivalents 
    and US$3.87bn in short-term cash investments. The group had US$3.52bn of interest-bearing debt (excluding capitalised lease
    liabilities) and an undrawn US$2.5bn revolving credit facility. 
    
    In assessing going concern, the impact of the Covid-19 pandemic on the group's operations and liquidity was
    considered in preparing the forecasts. The board is of the opinion that the group has sufficient financial flexibility 
    given its low gearing and very strong liquidity position at 31 March 2020 to negate the expected negative effects that 
    could result from the Covid-19 impact on the group's businesses in the year subsequent to the date of these 
    financial statements.

    First-time consolidated financial statements of Prosus
    Up until 11 September 2019, Prosus was exempt from preparing consolidated financial statements as it was an unlisted,
    wholly owned subsidiary of Naspers. As a consequence, Prosus was able to apply the consolidation exemption following
    Article 408 of the Dutch Civil Code and the requirements from this Article. 
    
    For purposes of the listing, Combined Carve-out Financial Statements were prepared for the combined Prosus group
    under IFRS-EU for the year ended 31 March 2019 (including 2018 and 2017 as comparatives), and for the quarter ended 
    30 June 2019 (including 2018 comparatives), in accordance with the requirements of IAS 34. The annual Combined Carve-out
    Financial Statements and interim Combined Carve-out Financial Statements are hereinafter referred to as the Combined 
    Carve-out Financial Statements. These Combined Carve-out Financial Statements, which were published for the purpose of 
    the listing of Prosus in the listing prospectus, are available, along with the listing prospectus itself, on the 
    Prosus website.
    
    For reporting periods beginning 1 April 2019, Prosus, as the legal parent of the group, prepared consolidated
    financial statements based on applicable Dutch and European Union law, including relevant comparative financial 
    information, which are different in comparison with the Combined Carve-out Financial Statements. In the consolidated 
    financial statements for the 2019 financial year, the income statement does not include certain corporate allocations 
    which were included in the Combined Carve-out Financial Statements. Also, the consolidated financial statements include 
    the assets and liabilities, income statement and cash flows of certain businesses of the Video Entertainment business 
    until its disposal on 28 September 2018, which were excluded from the Combined Carve-out Financial Statements. A further 
    explanation and reconciliation of these differences is included in the other information section of these summarised 
    consolidated financial statements.

    Formation of the Prosus group
    In preparation for the listing of the Prosus group, Naspers completed a series of corporate restructurings to form
    the group (comprising of subsidiaries, associates and joint ventures) with Prosus as its legal parent. Historically,
    Prosus was an investment holding company, which held the Naspers international ecommerce and internet businesses, 
    as well as its sub-Saharan African Video Entertainment business. Its former parent company, Ming He, indirectly 
    held Naspers's investment in Tencent Holdings Limited. The main restructurings are as follows:
    - On 28 September 2018, Prosus distributed its interest in certain businesses of the Video Entertainment business to
      Ming He, which then distributed it to its parent, MIH Holdings Proprietary Limited (MIHH). Subsequent to this
      distribution, the Video Entertainment business was listed on the JSE Limited stock exchange.
    - On 1 June 2019, through a capital contribution in kind in return for N and A ordinary shares, Prosus acquired the
      business of Ming He via the acquisition of MIH Services FZ LLC, various receivables to its intermediate parent MIHH 
      and the shares and related activities in Ming He (the Ming He acquisition), as passed on to Prosus's subsidiary Myriad
      International Holdings Asia B.V. As a result, Prosus then indirectly held Naspers's investment in Tencent Holdings Limited.

    In respect of the distribution of the Video Entertainment business, the company has distributed this business to its
    direct shareholder as a common control transaction at book value, which is in line with the group's accounting policies.
    
    In respect of the Ming He acquisition, Prosus management considers this acquisition as a transaction under common
    control. Prosus management accounted for this transaction using the predecessor (book value) accounting method, where 
    this book value is derived from the book value captured in the consolidated financial statements of its ultimate parent,
    Naspers. This transaction contributed US$0.9m in trade and other receivables, US$16.5bn investments in associates, 
    US$44.3m of cash and cash equivalents and US$4.9m in liabilities as of 1 April 2018. It also applied the option of presenting
    comparative information if the relevant activities, assets and liabilities and cash flows had always been part of the
    Prosus group. This method allows a consistent presentation of prior-period financial information in these summarised
    consolidated financial statements and aligns such information as presented in the parent's financial statements.
    
    First-time adoption of International Financial Reporting Standards
    Prosus existed as a company prior to 1 April 2018. It consists of Prosus and its direct and indirect subsidiaries,
    associated companies and joint ventures. Prosus did not previously prepare consolidated financial statements. As of the
    financial year ending 31 March 2020, Prosus has prepared consolidated financial statements based on IFRS-EU. Therefore,
    these summarised consolidated financial statements have been prepared in accordance with IFRS 1 First-Time Adoption of
    International Financial Reporting Standards (IFRS 1). The transition date to IFRS is 1 April 2018. The summarised
    consolidated financial results presented here are based on uniform IFRS-EU accounting policies. As consolidated financial
    statements were not previously required to be prepared for the Prosus group, the reconciliations with those envisaged 
    pursuant to IFRS 1.24 are not required. Accordingly, the comparative summarised consolidated statement of financial 
    position as at 1 April 2018 is presented as part of these summarised consolidated financial statements for the year 
    ended 31 March 2020.
    
    As permitted under IFRS 1.18 and in conjunction with IFRS 1 Appendix D16a, Prosus has used the carrying amounts
    presented in the IFRS consolidated financial statements of Naspers. Such carrying amounts also represent the application 
    of IFRS 3 Business Combinations retrospectively for acquisitions made by Prosus before the date of transition. Other than
    that, none of the exemptions provided for in IFRS 1 were used in preparing the consolidated financial statements of the
    Prosus group. The group has adopted IFRS 16 Leases (IFRS 16) with effect from 1 April 2019, consistent with the approach
    by Naspers and the requirements in IFRS 1 Appendix D16a. We refer to new accounting pronouncements set out below.

    New accounting pronouncements
    The group has adopted all new and amended accounting pronouncements that are relevant to its operations and that are
    effective for financial years commencing 1 April 2019. The impact of adopting new accounting pronouncements is outlined
    below and includes, significantly, the first-time application of IFRS 16 with effect from 1 April 2019. A number of
    other pronouncements were also effective from 1 April 2019, but did not have a significant effect on the group's summarised
    consolidated financial statements.

    IFRS 16 Leases 
    IFRS 16 replaces IAS 17 Leases (IAS 17) and IFRIC 4 Determining Whether an Arrangement Contains a Lease (IFRIC 4) and
    outlines the principles for the recognition, measurement, presentation and disclosure of leases. In terms of IFRS 16,
    the group now recognises all leases (with limited exceptions) as right-of-use assets and obligations to make lease
    payments (lease obligations) in the statement of financial position whereas previously lease payments relating to 
    arrangements classified as operating leases in terms of IAS 17 were expensed on a straight-line basis in the 
    income statement.
    
    In accordance with IFRS 16, lease payments are allocated between lease obligations and finance costs. The
    corresponding lease obligations, net of finance costs, are included in long-term liabilities or the current portion of 
    long-term liabilities. The interest element of lease payments is charged to the income statement over the relevant 
    lease term. Right-of-use assets are depreciated over the shorter of the relevant right-of-use asset's estimated useful 
    life and the lease term, on a straight-line basis.
    
    The group has applied IFRS 16 on a prospective basis with effect from 1 April 2019 and has therefore not restated the
    comparative information contained in these summarised consolidated financial statements. On transition to IFRS 16,
    lease liabilities were measured at the present value of remaining lease payments discounted at the incremental borrowing
    rate as at 1 April 2019. The right-of-use assets recognised on 1 April 2019 were measured at an amount equal to the lease
    liability adjusted by any prepaid or accrued lease payments and onerous contracts provision. There was no adjustment to
    the group's opening balance to retained earnings on 1 April 2019.

    The group has applied the following practical expedients:
    - The group did not reassess whether contracts contained leases and accordingly the previous classifications applied
      to these contracts in terms of IAS 17 and IFRIC 4 were retained (ie the accounting for contracts not previously
      identified as leases was sustained).
    - Operating leases of which the underlying assets were of low value were not recognised as right-of-use assets and
      obligations to make lease payments in the statement of financial position - the existing accounting for these leases 
      was sustained (ie lease payments continue to be expensed on a straight-line basis for these leases).
    - Where appropriate, the group applied a single incremental borrowing rate to a portfolio of leases and onerous
      contract provisions with reasonably similar characteristics. 
    - The group relied on its existing onerous lease contract assessments as an alternative to performing impairment
      reviews on right-of-use assets as at 1 April 2019 and recognised all existing provisions for onerous leases as 
      adjustments to the relevant right-of-use assets as at 1 April 2019.
    - Operating leases under which the lease terms end within 12 months (short-term leases) of 1 April 2019 are accounted
      for as short-term leases (ie lease payments continue to be expensed on a straight-line basis for these leases).
    - The group excluded any initial direct costs from the measurement of right-of-use assets as at 1 April 2019. 
    - The carrying amounts of leased assets and lease obligations relating to leases that were classified as finance
      leases in terms of IAS 17 were treated as the carrying amounts of the right-of-use assets and lease obligations for 
      purposes of IFRS 16 immediately before the date of transition (ie as at 31 March 2019).
    - The group applied hindsight in determining the lease terms for contracts that contain extension and termination
      options. 

    On transition to IFRS 16, the group recognised right-of-use assets of US$193.3m and lease obligations of US$186.2m.
    The difference related primarily to pre-existing onerous lease provisions and prepaid or accrued lease payments that were
    adjusted to the carrying value of the relevant underlying right-of-use assets. Apart from leases of assets of low value
    and short-term leases, lease obligations and right-of-use assets have been measured by discounting lease payments
    (including those arising under extension options where relevant) using the relevant lease's incremental borrowing rate 
    as at 1 April 2019. The weighted average lessee's incremental borrowing rate applied to the lease liabilities was 3.3%.
    
    The group presents right-of-use assets in "Property, plant and equipment" and capitalised lease liabilities in the
    statement of financial position. Interest on lease liabilities is included in "Interest expense" in the income statement
    and included in the "Cash flows from operating activities" in the statement of cash flows.
    
    The group's leasing arrangements relate primarily to office buildings, warehouse space, equipment and motor vehicles.
    Lease agreements are generally entered into for fixed periods of between two and 10 years, depending on the nature of
    the underlying asset being leased. Leasing arrangements may contain extension and/or termination options that are
    exercisable by the group. In determining the lease term for arrangements that contain extension and/or termination 
    options the group considers all facts and circumstances that may create an economic incentive to exercise an extension 
    and/or not exercise a termination option. The leases do not impose any covenants, but leased assets may not be used 
    as security for borrowing purposes. 
    
    In the Combined Carve-out Financial Statements for the year ended 31 March 2019, the group disclosed the operating
    lease commitments in terms of IAS 17 on an undiscounted basis. The impact on transition to IFRS 16 provides a
    reconciliation of the lease commitments disclosed under IAS 17 as at 31 March 2019 to the lease liability recognised on 
    a discounted basis using the weighted average incremental borrowing rate as at 1 April 2019. The impact on the financial 
    statements on transition to IFRS 16 is detailed below: 

    Lease liabilities recognised

                                                                                1 April     
                                                                                   2019     
                                                                                  US$'m    
    Operating lease commitments under IAS 17                                               
    Operating lease commitment at 31 March as disclosed(1)                          181    
    Discounted using the incremental borrowing rate as at 1 April 2019              160    
    Recognition exemptions                                                           (1)   
    - Short-term leases                                                              (1)   
    Extension and termination options reasonably certain to be exercised             27    
    Finance lease liabilities recognised as at 31 March 2019                          8    
    Lease liabilities recognised as at 1 April 2019                                 194    
    Less: Current portion of lease liabilities                                      (41)   
    Non-current portion of lease liabilities                                        153    
    (1) The group disclosed these lease commitments on an undiscounted basis in the Combined Carve-out Financial 
        Statements for the year ended 31 March 2019.                  

3.  Segmental review
                                         Revenue                            EBITDA(1)                           Trading profit
                                   Year ended 31 March                 Year ended 31 March                   Year ended 31 March
                                 2020      2019        %       2020     2019                  %       2020     2019                  %     
                                US$'m     US$'m   change      US$'m    US$'m             change      US$'m    US$'m             change    
    Ecommerce                   4 266     3 596       19       (789)    (519)               (52)      (918)    (575)               (60)   
    - Classifieds               1 281       857       49         82       10   Greater than 100         34       (6)   Greater than 100    
    - Payments                                                                                                                 
      and Fintech                 428       360       19        (60)     (39)               (54)       (67)     (43)               (56)   
    - Food Delivery               751       377       99       (596)    (162) Greater than (100)      (624)    (171) Greater than (100)    
    - Etail                     1 363     1 529      (11)         8      (87)  Greater than 100        (20)    (101)                80    
    - Travel                      146       234      (38)       (19)     (36)                47        (22)     (37)                41    
    - Other                       297       239       24       (204)    (205)                 -       (219)    (217)                (1)   
    Social and                                                                                                                 
    internet platforms         17 189    14 744       17      5 455    4 369                 25      4 699    3 952                 19    
    - Tencent                  16 779    14 457       16      5 328    4 324                 23      4 601    3 929                 17    
    - Mail.ru                     410       287       43        127       45   Greater than 100         98       23   Greater than 100    
    Corporate segment(2)            -         -        -         (4)       -               (100)        (4)       -               (100)   
    Total economic interest                                                                                                    
    from continuing                                                                                                            
    operations                 21 455    18 340       17      4 662    3 850                 21      3 777    3 377                 12    
    Less: Equity-accounted                                                                                                     
    investments               (18 125)  (15 685)     (16)    (4 986)  (4 115)               (21)    (4 198)  (3 683)               (14)   
    Total consolidated from                                                                                                    
    continuing operations       3 330     2 655       25       (324)    (265)               (22)      (421)    (306)               (38)   
    Total from discontinued                                                                                                    
    operations                      -       644     (100)         -     (111)               100          -     (154)               100    
    Consolidated(3)             3 330     3 299        1       (324)    (376)                14       (421)    (460)                 8    
    (1) EBITDA refers to earnings before interest, taxation, depreciation and amortisation.
    (2) Corporate cost of US$3.5m has been incurred subsequent to the listing of the Prosus group.
    (3) Includes the results of the Video Entertainment segment which has been classified as a discontinued operation 
        (refer to note 4).

    Reconciliation of consolidated EBITDA and trading loss to consolidated operating loss
                                                                   Year ended 31 March               
                                                                      2020       2019     
                                                                     US$'m      US$'m    
    Consolidated EBITDA from continuing operations                    (324)      (265)    
    Adjusted for:                                                                          
    Depreciation                                                       (80)       (25)     
    Amortisation of software                                            (9)       (16)     
    Interest on capitalised leases                                      (8)         -        
    Consolidated trading loss from continuing operations              (421)      (306)    
    Interest on capitalised leases                                       8          -        
    Amortisation of other intangible assets                            (94)       (87)     
    Other gains/(losses) - net                                          16        (40)     
    Retention option expense                                           (61)       (11)     
    Share-based incentives calculated on a cash-settled basis(1)       (25)        45       
    Share-based incentives settled in Naspers Limited shares(2)        (16)       (23)     
    Consolidated operating loss from continuing operations            (593)      (422)    
    (1) Represents the differential between share-based incentives measured on a cash-settled basis at the 
        Prosus group level and the share-based incentives valued on an equity-settled basis at a 
        Naspers group level. The CODM reviews share-based incentives on an equity-settled basis at both 
        a Naspers and Prosus group level.                          
    (2) Refers to share-based incentives settled in equity instruments of the Naspers group, where the 
        Prosus group has no obligation to settle the awards with participants, ie they are settled by Naspers.

    On 24 April 2020, the Naspers Limited board approved a prospective change in the settlement mechanism for the group's
    share appreciation rights (SAR) plans from settlement in Naspers N ordinary shares to using cash resources for
    settlement. Accordingly, going forward these plans will be classified as cash-settled share-based payment expenses at 
    both Prosus and Naspers. The change in settlement mechanism had no impact on the Prosus consolidated accounts, however, 
    the CODM will review share-based incentives on a cash-settled basis for both Naspers Limited and Prosus N.V. going 
    forward. The cash-settled charge will therefore be included in the groups trading profit going forward.

4.  Loss from discontinued operations
    In September 2018, the group disposed of its sub-Saharan African Video Entertainment business, which was subsequently
    listed and distributed by the Naspers group to its shareholders in an unbundling transaction in February 2019. The
    segment offered digital satellite and digital terrestrial television services to subscribers as well as mobile and internet
    services through MultiChoice Africa in sub-Saharan Africa. Through Irdeto, the business provided digital content
    management and protection systems to customers globally to protect, manage and also monetise digital media on any platform.
    These businesses represented a separate line of business and were classified as the Video Entertainment segment. The
    results and cash flows of the group's Video Entertainment segment have been presented as discontinued operations in these
    summarised consolidated financial statements. Discontinued operations also includes the group's subscription video-on-demand
    service in Poland which was closed at the end of January 2019 and which formed part of the Video Entertainment segment.

    The loss and cash flows from discontinued operations are detailed in the table below:

    Income statement information of discontinued operations
                                                                    Year ended    
                                                                      31 March      
                                                                          2019          
                                                                         US$'m         
    Revenue from contracts with customers(1)                               644           
    Expenses(1)                                                           (770)         
    Loss before tax                                                       (126)         
    Taxation                                                               (21)          
    Loss for the period                                                   (147)         
    Loss on disposal of discontinued operation(2)                         (591)         
    Loss from discontinued operations                                     (738)         
    Loss from discontinued operations attributable to:                                  
    Equity holders of the group                                           (722)         
    Non-controlling interests                                              (16)          
                                                                          (738)         
    Revenue from contracts with customers                                               
    Subscription revenue                                                   463           
    Advertising revenue                                                     12            
    Hardware sales and maintenance revenue                                  81            
    Technology revenue                                                      81            
    Other revenue                                                            7             
    Revenue from contracts with customers                                  644           
    Cash flow statement information of discontinued operations                          
    Net cash utilised from operating activities                           (138)         
    Net cash utilised in investing activities                               (7)           
    Net cash generated from financing activities                           148           
    Cash generated by discontinued operations                                3             
    (1) Includes sales of goods and services of US$82.6m and purchases of goods and services of US$247.9m 
        from MultiChoice South Africa.                             
    (2) Relates to the realisation of foreign currency translation reserve losses of US$591.1m on the distribution 
        of discontinued operations.                    

    Related party balances                                                          
    The net asset value of the Video Entertainment business that was disposed on 28 September 2018 amounted to 
    US$119.3m. Included in this net asset value were related party receivables of US$34.9m and related party 
    payables of US$152.1m with the MultiChoice South Africa group.                    

    Per share information related to discontinued operations                        
                                                                      31 March      
                                                                          2019          
    Loss per ordinary share (US cents)                                     (44)          
    Diluted loss per ordinary share (US cents)                             (44)          
    Headline earnings for the year (US$'m)                                (133)         
    Headline earnings per ordinary share (US cents)                         (8)           
    Diluted headline earnings per ordinary share (US cents)                 (8)           
    Core headline earnings for the year (US$'m)                           (113)         
    Core headline earnings per ordinary share (US cents)                    (7)           
    Diluted core headline earnings per ordinary share (US cents)            (7)           
    Net number of ordinary shares issued ('000)                                          
    - weighted average for the year                                  1 625 354     
    - diluted weighted average                                       1 625 354     

5.  Headline and core headline earnings 
    Headline earnings
    Headline earnings represent net profit for the period attributable to equity holders of the group, excluding certain
    defined separately identifiable remeasurements relating to, among others, impairments of tangible assets, intangible
    assets (including goodwill) and equity-accounted investments, gains or losses on acquisitions and disposals of investments
    as well as assets, dilution gains or losses on equity-accounted investments, remeasurement gains or losses on disposal
    groups classified as held for sale and remeasurements included in equity-accounted earnings, net of related taxes (both
    current and deferred) and the related non-controlling interests. These remeasurements are determined in accordance with
    Circular 1/2019, Headline Earnings, as issued by the South African Institute of Chartered Accountants, pursuant to the
    JSE Listings Requirements.

    Core headline earnings
    Core headline earnings, a non-IFRS performance measure, represent headline earnings for the period, excluding certain
    non-operating items. Specifically, headline earnings are adjusted for the following items to derive core headline
    earnings: (i) equity-settled share-based payment expenses on transactions where there is no cash cost to the company. 
    These include those relating to share-based incentive awards settled by issuing treasury shares as well as certain 
    share-based payment expenses that are deemed to arise on shareholder transactions; (ii) deferred taxation income 
    recognised on the first-time recognition of deferred tax assets, as this generally relates to multiple prior periods 
    and distorts current period performance; (iii) fair-value adjustments on financial instruments (including put option 
    liabilities) and unrealised currency translation differences, as these items obscure the group's underlying operating 
    performance; (iv) once-off gains or losses (including acquisition-related costs) resulting from acquisitions and 
    disposals of businesses, as these items relate to changes in the composition of the group and are not reflective of 
    its underlying operating performance; (v) the amortisation of intangible assets recognised in business combinations, 
    and acquisitions and (vi) donations made to various governments in assisting with the Covid-19 pandemic, as these 
    expenses are not considered operational in nature. These adjustments are made to the earnings of businesses controlled 
    by the group as well as the group's share of earnings of associates and joint ventures, to the extent that the 
    information is available.

    A reconciliation of net profit attributable to shareholders to headline and core headline earnings is outlined below.

    Calculation of headline and core headline earnings            
                                                                          Year ended 31 March
                                                                             2020       2019       
                                                                            US$'m      US$'m      
    Net profit attributable to shareholders from continuing operations      3 824      4 303      
    Adjusted for:                                                                                 
    - impairment of goodwill and other intangible assets                       10          5          
    - loss on sale of assets                                                    -          1          
    - gain recognised on loss of control                                      (17)         -          
    - gains recognised on loss of significant influence                       (13)         -          
    - gains on disposals of investments                                      (447)    (1 618)    
    - remeasurement of previously held interest                               (73)        (7)        
    - dilution losses on equity-accounted investments                          52        182        
    - remeasurements included in equity-accounted earnings(1)                (622)       694        
    - impairment of equity-accounted investments                               21         88         
                                                                            2 735      3 648      
    Total tax effects of adjustments                                           11        179        
    Total adjustment for non-controlling interest                              49        (21)       
    Headline earnings(2)                                                    2 795      3 806      
    Adjusted for:                                                                                 
    - equity-settled share-based payment expenses                             608        514        
    - amortisation of other intangible assets                                 363        283        
    - fair-value adjustments and currency translation differences            (672)    (1 544)    
    - retention option expense                                                 56         10         
    - transaction-related costs                                                93         21         
    - Covid-19 donations                                                      114          -          
    Core headline earnings                                                  3 357      3 090      
    (1) Remeasurements included in equity-accounted earnings include US$841.9m (2019: US$126.4m) relating to gains 
        arising on acquisitions and disposals by associates and US$226.7m (2019: US$799.4m) relating to impairments 
        of assets recognised by associates.                            
    (2) Headline earnings represent net profit for the year attributable to equity holders of the group, excluding 
        certain defined separately identifiable remeasurements. The headline earnings measure is in pursuant of 
        the JSE Listings Requirements.                             

    The diluted earnings, headline earnings and core headline earnings per share figures presented on the face of the
    summarised consolidated income statement include a decrease of US$65.0m (2019: US$47.0m) relating to the future dilutive
    impact of potential ordinary shares issued by equity-accounted investees.

    Equity-accounted results
    The group's equity-accounted investments contributed to the summarised consolidated financial statements as follows:
                                                                                    Year ended 31 March                 
                                                                                       2020       2019       
                                                                                      US$'m      US$'m      
    Share of equity-accounted results                                                 3 930      3 409      
    - gains on acquisitions and disposals                                              (842)      (126)      
    - impairment of investments                                                         227        799        
    Contribution to headline earnings                                                 3 315      4 082      
    - amortisation of other intangible assets                                           301        235        
    - equity-settled share-based payment expenses                                       556        535        
    - fair-value adjustments and currency translation differences                      (552)    (1 499)    
    - Covid-19 donations                                                                114          -          
    Contribution to core headline earnings                                            3 734      3 353      
    Tencent                                                                           4 174      3 587      
    Mail.ru                                                                              70         15         
    MakeMyTrip                                                                          (13)       (49)       
    Delivery Hero                                                                      (167)       (55)       
    Other                                                                              (330)      (145)      
                                                                                                    
    The group applies an appropriate lag period in reporting the results of equity-accounted investments.

6.  Revenue from contracts with customers
                                                                                    Year ended 31 March               
                                                  Reportable segment(s)                2020       2019     
                                                  where revenue is included           US$'m      US$'m    
    Online sale of goods revenue                  Classifieds and Etail               1 539      1 193    
    Classifieds listings revenue                  Classifieds                           772        606      
    Payment transaction commissions and fees      Payments and Fintech                  380        309      
    Mobile and other content revenue              Other Ecommerce                       173        159      
    Food-delivery revenue                         Food Delivery                         310        159      
    Travel package revenue and commissions        Travel                                  -         27       
    Advertising revenue                           Classifieds                            91        100      
    Comparison shopping commissions and fees      Other Ecommerce                        22         45       
    Other revenue                                 Various                                43         57       
                                                                                      3 330      2 655    
    Revenue is presented on an economic-interest basis (ie including the proportionate consolidation of the revenue 
    of associates and joint ventures) in the group's segmental review and is accordingly not directly comparable 
    to the above consolidated revenue figures.

7.  Finance income/(costs)
                                                                                     Year ended 31 March
                                                                                       2020       2019     
                                                                                      US$'m      US$'m    
    Interest income                                                                     201        265      
    - loans and bank accounts                                                           198        265      
    - other                                                                               3          -        
    Interest expense                                                                   (223)      (200)    
    - loans and overdrafts                                                             (208)      (196)    
    - capitalised lease liabilities                                                      (8)         -        
    - other                                                                              (7)        (4)      
    Other finance income - net                                                          114        114      
    - net foreign exchange differences and fair-value adjustments on derivatives         61         61       
    - remeasurement of written put option liabilities                                    53         53       

8.  Profit before taxation
    In addition to the items already detailed, profit before taxation has been determined after taking into account,
    inter alia, the following:
                                                                                     Year ended 31 March
                                                                                       2020       2019     
                                                                                      US$'m      US$'m    
    Depreciation of property, plant and equipment(1)                                     80         25       
    Amortisation                                                                        103         95       
    - other intangible assets                                                            97         87       
    - software                                                                            6          8        
    Impairment losses on financial assets measured at amortised cost                     16         13       
    Net realisable value adjustments on inventory, net of reversals(2)                    1          2        
    Other gains/(losses) - net                                                           16        (40)     
    - loss on sale of assets                                                              -         (1)      
    - impairment of goodwill and other intangible assets                                (10)        (7)      
    - dividends received on investments                                                   5          -        
    - fair-value adjustments on financial instruments                                     4        (27)     
    - gains recognised on loss of significant influence                                  13          -        
    - other                                                                               4         (5)      
    Gains on acquisitions and disposals                                                 434      1 610    
    - gains on sale of investments - net                                                447      1 618    
    - gain recognised on loss of control transactions                                    17          -        
    - remeasurement of contingent consideration                                           -          3        
    - transaction-related costs                                                         (85)       (18)     
    - securities tax on internal restructuring                                          (18)         -        
    - remeasurement of previously held interest                                          73          7        
    (1) The increase in depreciation is as a result of the adoption of IFRS 16 Leases. Refer to note 2 for details 
        of the group's adoption of new accounting pronouncements during the year.                          
    (2) Net realisable value writedowns relate primarily to general inventory writedowns in the Etail segment.

9.  Goodwill
    Movements in the group's goodwill for the year are detailed below:
                                                                                    Year ended 31 March               
                                                                                       2020       2019     
                                                                                      US$'m      US$'m    
    Goodwill                                                                                              
    - cost                                                                            2 269      2 532    
    - accumulated impairment                                                           (234)      (334)    
    Opening balance                                                                   2 035      2 198    
    - foreign currency translation effects                                             (265)      (224)    
    - acquisitions of subsidiaries and businesses                                       566        105      
    - disposals of subsidiaries and businesses                                           (5)       (25)     
    - transferred to assets classified as held for sale                                (152)       (13)     
    - impairment                                                                        (10)        (6)      
    Closing balance                                                                   2 169      2 035    
    - cost                                                                            2 263      2 269    
    - accumulated impairment                                                            (94)      (234)    

    Goodwill is tested for impairment annually on 31 December or more frequently if there is a change in circumstance 
    that indicates that it might be impaired. The group reassessed its 10-year budgets and forecasts by adjusting cash 
    flow projections and budgets to include the effects of the Covid-19 pandemic. The group also updated its discount 
    rates where required. These adjustments took into account the impact of the pandemic on revenue and margins as well 
    as the periods of interruptions to business operations as a result of lockdown trading restrictions. Covid-19 has had 
    a broad impact on the group, with the restrictions impacting some businesses negatively where they are unable to operate 
    and on the other hand, having a positive impact on the group's major business operations where online services and sale 
    of goods is the primary solution for social distancing measures imposed. An impairment loss of US$9.6m (2019: US$6.4m) 
    recognised as at 31 March 2020 takes into account the impact of the pandemic on the group and its cash-generating 
    units which is the group's best estimate amidst this current uncertain economic environment. Estimating the future 
    performance of the group's cash-generating units is challenging during this pandemic. As circumstances change and/or 
    information becomes available, the group may be required to recognise impairments in future periods. The goodwill 
    impairment relates to the group's Classifieds business.

10. Commitments and contingent liabilities
    Commitments relate to amounts for which the group has contracted, but that have not yet been recognised as
    obligations in the statement of financial position. 

                                                                                     Year ended 31 March               
                                                                                       2020       2019     
                                                                                      US$'m      US$'m    
    Commitments                                                                         116        210      
    - capital expenditure                                                                 -          6        
    - other service commitments                                                         103         23       
    - lease commitments(1)                                                               13        181      
    (1) The significant decrease in the current year is as a result of the adoption of IFRS 16 Leases. Refer to note 2 
        for the adoption of new accounting pronouncements during the reporting period.                          

    The group operates a number of businesses in jurisdictions where taxes are payable on certain transactions or
    payments. The group continues to seek relevant advice and works with its advisers to identify and quantify such 
    tax exposures. The group has an uncertain tax position of US$170.8m (2019: US$177.0m) related to amounts receivable 
    from tax authorities.

11. Assets and liabilities classified as held for sale
    In April 2019 the group concluded the contribution of its subsidiary Netrepreneur Connections Enterprises, Inc.
    (Sulit) to Carousell Private Limited (Carousell) for an equity interest in Carousell. Sulit was classified as 
    held for sale as at 31 March 2019. Refer note 12.

    In October 2019 the group concluded the sale of its 100% effective interest in its subsidiary BuscaP? Company
    Informa?ao e Technologia Limitada (BuscaP?). The assets and liabilities of BuscaPe were classified as held for 
    sale as at 30 September 2019. Refer note 12.
    
    In March 2020 the assets and liabilities of the group's subsidiary Wavy Global Holdings B.V. (Wavy) were classified
    as held for sale as the group signed an agreement to sell its investment to Stockholm-based customer engagement 
    platform, Sinch AB. Refer to note 16.
    
    Further in March 2020, the group signed an agreement to contribute the assets and liabilities of the US letgo
    business in exchange for an equity interest in OfferUp Inc., a US online marketplace. Refer to note 16. 

    Assets and liabilities classified as held for sale are detailed in the table below:
                                                                                     Year ended 31 March               
                                                                                       2020       2019     
                                                                                      US$'m      US$'m    
     Assets                                                                             202         16       
     Property, plant and equipment                                                        4          -        
     Goodwill and other intangible assets                                               152         13       
     Trade and other receivables                                                         27          2        
     Cash and cash equivalents                                                           19          1        
     Liabilities                                                                         26          2        
     Long-term liabilities                                                                3          -        
     Provisions                                                                           1          -        
     Trade payables                                                                       4          -        
     Accrued expenses and other current liabilities                                      18          2        

12. Business combinations, other acquisitions and disposals
    The following relates to the group's significant transactions related to business combinations and equity-accounted
    investments:

    In July 2019 the group acquired the majority stake in Red Dot Payment Private Limited (Red Dot) in Southeast Asia for
    US$45m. The company is an online payment company providing payment solutions and expertise to merchants across Asia
    Pacific. Following this investment, the group has a 72% effective interest (66% fully diluted) in Red Dot. The transaction
    was accounted for as a business combination with an effective date of July 2019. The purchase price allocation: fixed
    assets US$1m; intangible assets US$11m; cash and deposits US$14m; trade and other receivables US$2m; trade and other
    liabilities US$7m; and the balance of US$36m to goodwill. The group has a put option arrangement with the non-controlling
    interest exercisable in future over a specified period and also exercisable upon termination of employment of the
    non-controlling interest. The main intangible assets recognised in the business combination were customer relationships 
    and technology.
    
    The main factor contributing to the goodwill recognised in the acquisition is Red Dot's market presence and
    engineering capabilities. The goodwill that arose is not expected to be deductible for income tax purposes.
    
    In July 2019 the group invested US$66m for a 100% effective and fully diluted interest in Wibmo, Inc. (Wibmo), a
    digital payment company providing payment security, mobile payment solutions and processing services in India. The
    transaction was accounted for as a business combination with an effective date of July 2019. The purchase price 
    allocation: intangible assets US$28m; property, plant and equipment US$3m; cash and deposits US$4m; trade and other 
    receivables US$9m; liabilities US$14m; and the balance of US$36m to goodwill. The main intangible assets recognised 
    in the business combination were technology and customer relationships.

    The main factor contributing to the goodwill recognised in the acquisition is Wibmo's market presence and engineering
    capabilities. The goodwill that arose is not expected to be deductible for income tax purposes.

    In October 2019 the group concluded the merger of Dante International Korl?tolt Feleloss?gu T?rsas?g (eMAG Hungary),
    its Hungarian operations with operations of Ed Group Vagyonkezelo Korl?tolt Felelossegu T?rsas?g (Extreme Digital), 
    one of the leading marketers in Hungary. The group contributed the operations of its subsidiary eMAG Hungary as well as
    US$1m cash with an aggregate value of US$13m. Following the merger, eMAG is the majority shareholder, with an effective
    interest of 52% in the newly merged entity. The group accounted for the acquisition of its interest in Extreme Digital 
    as a business combination and recognised an investment in subsidiary. The purchase price allocation: intangible assets
    US$21m; property, plant and equipment US$8m; other assets US$1m; liabilities US$9m; and the balance of US$4m to goodwill. 
    The main intangible assets recognised in the business combination were customer relationships and brand names. The
    transaction gave rise to the recognition of non-controlling interest of US$11m, which has been measured at the 
    non-controlling interest's proportionate share of the identifiable net assets of Extreme Digital as at the acquisition date. 

    The group has a put option arrangement with the non-controlling interest exercisable at specified future dates or
    upon termination of employment of the non-controlling interest. The settlement of the put option arrangement is in cash or
    shares at the group's discretion. The portion of the put option linked to employment is accounted for as a cash-settled
    share-based compensation arrangement over the employment period. At acquisition, the cash-settled liability for this
    arrangement amounted to US$9m.

    The main factor contributing to the goodwill recognised in the acquisition is Extreme Digital's market presence and
    engineering capabilities. The goodwill that arose is not expected to be deductible for income tax purposes.
    
    In December 2019 the group invested US$134m in cash and contributed its subsidiary PayU Turkey to acquire a 90%
    effective and fully diluted interest in Iyzi ?deme ve Elektronik Para Hizmetleri Anonim Sirketi (Iyzico), a 
    leading payment service provider in Turkey. The acquisition of Iyzico was accounted for as a business combination with 
    an effective date of December 2019. The shares held by non-controlling interest in Iyzico are linked to an employment 
    service period and will be accounted for as a cash-settled share-based compensation arrangement over the employment 
    service period. Accordingly, no non-controlling interest has been recognised at the acquisition date. The purchase price 
    allocation: intangible assets US$40m; cash and deposits US$28m; fixed assets US$2m; trade and other liabilities US$25m; 
    deferred tax liabilities US$9m, and balance of US$98m to goodwill. The main intangible assets recognised in the business 
    combination were customer relationships, brand names and technology.
    
    The main factor contributing to the goodwill recognised in the acquisition is Iyzico's market presence and
    engineering capabilities. The goodwill that arose is not expected to be deductible for income tax purposes.
    
    In December 2019 the group invested an additional US$163m in PaySense Private Limited (PaySense), a technology
    platform providing Indian consumers with access to credit lines based on an alternative-data decisioning model. Prior to 
    this transaction the group held 21% in PaySense and was accounted for as an investment in an associate. Following this
    additional investment, the group now holds a 79% effective and fully diluted interest in PaySense. The fair value of the
    group's previously held interest in PaySense was US$31m at the date of obtaining control. A gain of US$14m has been
    recognised in "Gains/(losses) on acquisitions and disposals" in the income statement on the remeasurement of the group's
    previously held equity interest in PaySense to its fair value. The transaction was accounted for as a business combination 
    with an effective date of December 2019. The purchase price allocation: intangible assets US$41m; cash and deposits US$98m,
    fixed assets US$1m, trade and other receivables US$3m; liabilities US$22m; deferred tax liabilities US$10m, and the
    balance of US$90m to goodwill. The main intangible assets recognised in the business combination were technology and brand
    names. The transaction gave rise to the recognition of non-controlling interest of US$8m, which has been measured at the
    non-controlling interest's proportionate share of the identifiable net assets of PaySense as at the acquisition date. A
    portion of the shares held by non-controlling interest in PaySense is linked to an employment service period and will be
    accounted for as a cash-settled share-based compensation arrangement over the employment service period. Accordingly,
    the non-controlling interest recognised at the acquisition date relates to 50% of their legal shareholding not linked to
    an employment service period.

    The group has a put option arrangement with the non-controlling interest exercisable at specified future dates or
    upon termination of employment of the non-controlling interest. The settlement of the put option arrangement is in cash 
    or shares at the group's discretion. The portion of the put option linked to employment is accounted for as a cash-settled
    share-based compensation arrangement over the employment period. At acquisition, the cash-settled liability for this
    arrangement amounted to US$5m. 
    
    The main factor contributing to the goodwill recognised in the acquisition is PaySense market presence and
    technological capabilities. The goodwill that arose is not expected to be deductible for income tax purposes.
    
    In December 2019 the group invested US$320m in cash and contributed a portion of its investment in subsidiaries India
    Used Car Group B.V. (IUCG) and Poland Used Car Group B.V. (PUCG) for an additional interest in Frontier Car Group
    (FCG). FCG is a used-car marketplace in emerging markets providing consumers with access to buy used cars. Prior to this
    transaction the group held 33% effective interest (32% fully diluted) in FCG and was accounted for as an investment in 
    an associate. Following this additional investment, the group holds an 84% effective interest (83% fully diluted) in 
    FCG. A gain of US$59m has been recognised in "Gains/(losses) on acquisitions and disposals" in the income statement on the
    remeasurement of the group's previously held equity interest in FCG to its fair value. The aggregate value of the investment
    in FCG was US$455m consisting of the cash consideration, fair value of the previously held interest in the company of
    US$118m and the fair value of PUCG and IUCG contributed amounting to US$4m and US$11m respectively. The transaction was
    accounted for as a business combination with an effective date of December 2019.
    
    The purchase price allocation: intangible assets US$113m; cash and deposits US$123m; trade and other receivables
    US$31m; inventory US$22m; property, plant and equipment US$15m; liabilities US$78m; deferred tax liabilities US$22m; 
    and the balance of US$287m to goodwill. The main intangible assets recognised in the business combination were software, 
    dealer relationships, tradenames and domain names. The transaction gave rise to the recognition of non-controlling interest 
    of US$31m, which has been measured at the non-controlling interest's proportionate share of the identifiable net assets of
    FCG as at the acquisition date.
    
    The group has a put option arrangement with the non-controlling interest exercisable at specified future dates or
    upon termination of employment of the non-controlling interest. The settlement of the put option arrangement is in cash 
    or shares at the group's discretion. The portion of the put option linked to employment is accounted for as a cash-settled
    share-based compensation arrangement over the employment period. At acquisition, the cash-settled liability for this
    arrangement amounted to US$20m. 
    
    The main factor contributing to the goodwill recognised in the acquisition is FCG's market presence. The goodwill
    that arose is not expected to be deductible for income tax purposes.
    
    Since the acquisition dates of the above business combinations, revenue of US$193m and net losses of US$41m have been
    included in the group's income statement. The impact on revenue and net losses from the above transactions, had the
    acquisitions taken place on 1 April 2019, were US$833m and US$125m respectively.
    
    During the reporting period the group disposed of its 100% effective interest in its subsidiary BuscaPe Company
    Informacao e Technologia Limitada (BuscaPe) for US$15m. The transaction received regulatory approval in October 2019. 
    At 30 September 2019, BuscaPe was classified as a disposal group available for sale in the amount of US$9m. The group
    recognised a loss of US$178m, primarily related to the recycling of the foreign exchange translation loss reserve 
    of US$182m.
    
    The following relates to the group's significant transactions related to investments in its equity-accounted
    investees:
    
    In April 2019 the group contributed 100% of the issued share capital of its subsidiary Netrepreneur Connections
    Enterprises Inc. (Sulit) as well as cash with an aggregate value of US$56m to Carousell Private Limited (Carousell) 
    in exchange for a 12% (10% fully diluted) interest in Carousell, one of Asia's largest and fastest-growing classifieds
    marketplaces. The group recognised a gain on loss of control of US$26m in "Gains on acquisitions and disposals" in the 
    income statement. The companies will merge their operations in the Philippines. The group classified its interest in 
    Carousell as an investment in an associate on account of its representation on the board of Carousell. In November 2019 
    the group's interest was further diluted to a 7% effective interest (6% fully diluted) as a result of a subsequent funding 
    round which resulted in the group losing its board representation. The group has classified its interest in Carousell as an
    investment at fair value through other comprehensive income.
    
    In July 2019 the group invested an additional US$25m in Brainly Inc. (Brainly). Following this investment, the group
    holds a 44% effective interest (38% fully diluted) in Brainly. The group continues to account for its interest as an
    investment in an associate.
    
    In August 2019 the group invested US$80m in Meesho Inc. (Meesho), a leading social commerce online marketplace in
    India that enables independent resellers to build small businesses by connecting them with suppliers to curate a catalogue
    of goods and services to sell. Meesho also provides logistics and payment tools on their platform. As at 31 March 2020,
    the group holds a 12% effective and fully diluted interest in Meesho. The group has accounted for its interest as an
    investment in an associate on account of its representation on the board of Meesho.
    
    In August 2019 the group exchanged its 43% interest in its online travel associate MakeMyTrip Limited for a 6%
    effective interest in Trip.com Group Limited (formerly Ctrip.com International Limited) (Trip.com), a well-known 
    provider of online travel and related services headquartered in China. The group made a gain of US$599m which was recognised 
    in "Gains on acquisitions and disposals" in the income statement. The group has classified its interest in Trip.com as an
    investment at fair value through other comprehensive income presented in "Other investments and loans" in the statement of
    financial position.
    
    In October 2019 the group acquired a 21% effective interest (19% fully diluted) for US$30m in NTex Transportation
    Services Private Limited (ElasticRun), a software and technology platform for providing transportation and logistics
    services in India. The group accounts for the acquisition of its interest as an investment in an associate.
    
    In February 2020 the group made an additional investment amounting to US$100m, in Bundl Technologies Private Limited
    (Swiggy), the operator of a first-party food-delivery marketplace in India. Following this investment, the group holds a
    40% effective interest (36% fully diluted) in Swiggy. The group continues to account for its interest in Swiggy as an
    investment in an associate.
    
    The group made an additional investment amounting to US$10m in April 2019 and US$34m in March 2020, in Udemy Inc.
    (Udemy), an online education marketplace. Following this investment, the group holds a 15% effective interest (13% fully
    diluted) in Udemy. The group continues to account for its interest in Udemy as an investment in an associate.

13. Significant financing transactions
    The group issued a 10-year US$1.25bn bond in January 2020. The bond matures in January 2030 and carries a fixed
    interest rate of 3.68% per annum. The purpose of this offering was to raise proceeds to redeem the US$1.0bn bond that 
    was redeemable in July 2020. The net proceeds of the offering of this bond was used by the group for the redemption 
    of the 2020 bond in February of the current year and otherwise for general corporate purposes. The bond is listed on 
    the Irish Stock Exchange (Euronext Dublin).

14. Financial instruments
    The group's activities expose it to a variety of financial risks such as market risk (including currency risk,
    fair-value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk.

    The summarised consolidated financial statements do not include all financial risk management information and
    disclosures as required in the complete consolidated financial statements and should be read in conjunction with the 
    group's complete consolidated financial statements for the year ended 31 March 2020. There have been no material changes 
    in the group's credit, liquidity, market risks or key inputs used in measuring fair value since 31 March 2019.

    The fair values of the group's financial instruments that are measured at fair value at each reporting period, are
    categorised as follows:
                                                                 Fair-value measurements at 31 March 2020 using:
                                                                              Quoted                                   
                                                                              prices                                 
                                                                           in active    Significant                  
                                                                         markets for          other     Significant  
                                                                           identical        observ-       unobserv-   
                                                                           assets or           able            able      
                                                             Carrying    liabilities         inputs          inputs       
                                                                value       (level 1)      (level 2)       (level 3) 
                                                                US$'m          US$'m          US$'m           US$'m     
    Assets                                                                                                           
    Financial assets at fair value through 
    other comprehensive income                                    792            704              3              85       
    Financial assets at fair value through profit or loss          13              -              -              13       
    Derivatives embedded in leases                                  6              -              -               6        
    Cross-currency interest rate swap                              49              -             49               -        
    Liabilities                                                                                                      
    Forward exchange contracts                                     38              -             38               -        
    Earn-out obligations                                           22              -              -              22       
    Derivatives embedded in leases                                  2              -              -               2        

                                                                 Fair-value measurements at 31 March 2019 using:
                                                                              Quoted                                   
                                                                              prices                                 
                                                                           in active    Significant                  
                                                                         markets for          other     Significant  
                                                                           identical        observ-       unobserv-   
                                                                           assets or           able            able      
                                                             Carrying    liabilities         inputs          inputs       
                                                                value       (level 1)      (level 2)       (level 3) 
                                                                US$'m          US$'m          US$'m           US$'m 
    Assets                                                                                                                         
    Financial assets at fair value through 
    other comprehensive income                                     47              -              3              44             
    Derivatives embedded in leases                                  1              -              -               1              
    Liabilities                                                                                                                 
    Forward exchange contracts                                      3              -              3               -              
    Earn-out obligations                                            6              -              -               6              
    Cross-currency interest rate swap                              33              -             33               -              


    There have been no transfers between levels 1 to 3 during the reporting period, nor were there any significant
    changes to the valuation techniques and inputs used in measuring fair value.
    
    For earn-out obligations, current forecasts of the extent to which management believes performance criteria will be
    met, discount rates reflecting the time value of money and contractually specified earn-out payments are used. 
    
    Changes in these assumptions could affect the reported fair value of these financial instruments.
    
    The fair value of level 2 financial instruments is determined with the use of exchange rates quoted in active markets
    and interest rate extracts from observable yield curves.
    
    The fair value of level 3 financial instruments is determined with the use of the most recent transaction values
    determined from recent funding rounds that occurred in the current year for these transactions.
    
    The group discloses the fair values of the following financial instruments as their carrying values are not a
    reasonable approximation of their fair values:
    
                                                                     31 March 2020                31 March 2019                
                                                                 Carrying         Fair       Carrying          Fair      
                                                                    value        value          value         value     
    Financial liabilities                                           US$'m        US$'m          US$'m         US$'m     
    Publicly traded bonds                                           3 450        3 183          3 200         3 350     

    The fair values of the publicly traded bonds have been determined with reference to the listed prices of the
    instruments as at the end of the reporting period. The fair value of the publicly traded bonds are level 2 financial
    instruments.

15. Related party transactions and balances
    The group entered into various related party transactions in the ordinary course of business with a number of related
    parties, including associates, joint ventures and entities under common control. Transactions that are eliminated on
    consolidation as well as gains or losses eliminated through the application of the equity method are not included. There
    have been some changes in related party transactions and balances resulting from the formation of the Prosus group as
    described in note 2.
                                                                                                Year ended 31 March
                                                                                                  2020       2019     
                                                                                                 US$'m      US$'m    
    Sale of goods and services to related parties(1)                                                                 
    MakeMyTrip Limited(2)                                                                            5         12       
    MIH Holdings Proprietary Limited                                                                 9          -        
    Various other related parties                                                                    2          1        
                                                                                                    16         13       
    (1) The group receives revenue from a number of its related parties in connection with service agreements. The 
        nature of these related relationships is that of associates and joint ventures.                          
    (2) Revenue earned from MakeMyTrip Limited, relates to payment services provided by PayU, when MakeMyTrip was 
        an associate of the group.                          

                                                                                                Year ended 31 March
                                                                                                  2020       2019     
                                                                                                 US$'m      US$'m    
    Services received from related parties(1)                                                                        
    MIH Holdings Proprietary Limited                                                                 9          -        
    MIH Ecommerce Holdings Proprietary Limited                                                       4          4        
    Various other related parties                                                                    1          2        
                                                                                                    14          6        
    (1) The group receives corporate and other services rendered by a number of its related parties. The nature 
        of these related party relationships is that of entities under the common control of the group's controlling 
        parent, Naspers Limited.                          

                                                                                                Year ended 31 March
                                                                                                  2020       2019     
                                                                                                 US$'m      US$'m    
    Dividends paid as part of distribution(1)                                                                        
    MIH Holdings Proprietary Limited                                                               215          -        
                                                                                                   215          -        
    (1) Relates to distributions as a result of common control transactions by Ming He, the group's former parent 
        company prior to its formation.

    During the prior year and up to the date of listing, Prosus functioned as part of the larger group of companies
    controlled by Naspers and accordingly, Naspers performed certain corporate overhead services for the non-South African
    ecommerce and internet business. These services included, but are not limited to, executive oversight, information 
    management, legal, treasury, control and accounting, human resources, taxes and investor relations. Subsequent to the 
    listing on 11 September 2019, corporate expenses have been directly attributed or allocated to non-South African 
    ecommerce and internet businesses and are accordingly, recharged the relevant business to which it relates. Those 
    costs remaining in corporate entities have been allocated to Prosus based on specific identification 
    criteria/allocation keys. During the current year Prosus recharged US$8.4m to Naspers companies while recovering 
    costs of US$8.5m.

    The balances of receivables and payables between the group and related parties are as follows:
                                                                                                Year ended 31 March
                                                                                                  2020       2019     
                                                                                                 US$'m      US$'m    
    Receivables(1)                                                                                                   
    Myriad Services Limited                                                                          -         61       
    Myriad / MIH (Malta) Limited                                                                     8         22       
    MIH Holdings Proprietary Limited                                                                 9          6        
    MIH Services FZ LLC Trust                                                                       66        114      
    Zoop Technologia e Meios de Pagamento Limitada (Zoop)                                            6          -        
    Honor Technology, Inc.                                                                           8          -        
    Tencent Technology (Shenzhen) Co Ltd                                                            90          -        
    Other                                                                                            3          4        
    Less: Allowance for impairment of loans and receivables                                          -        (58)     
    Total related party receivables                                                                190        149      
    Less: Non-current portion of related party receivables                                         (81)      (140)    
    Current portion of related party receivables                                                   109          9        
    The movement in the allowance for impairment of related party                                                        
     receivables during the year was as follows:                                                                         
    Opening balance                                                                                 58         58       
    Allowances utilised                                                                            (58)         -        
    Closing balance                                                                                  -         58       
    Payables                                                                                                             
    MIH Holdings Proprietary Limited                                                                 6          -        
    Myriad / MIH (Malta) Limited                                                                     4         17       
    Mail.ru Group Limited                                                                            2          2        
    Other                                                                                            4          3        
    Total related party payables                                                                    16         22       
    Less: Non-current portion of related party payables                                             (3)        (2)      
    Current portion of related party payables                                                       13         20       
    (1) The group provides services and loan funding to a number of its related parties.

16. Events after the reporting period
    In March 2020 it was announced that OfferUp and letgo US, two of America's most popular apps to buy and sell locally,
    intend to combine their businesses in the United States. OLX Group will therefore contribute its letgo US business plus
    cash of US$100m. OLX Group will own 40% of the newly combined entity. The transaction received regulatory approval and
    is expected to close on 1 July 2020. The group expects to account for its interest in OfferUp as an equity-accounted
    associate.

    In March 2020 MIH Movile Holding B.V. (Movile) signed an agreement to sell its subsidiary Wavy Global Holdings B.V.
    (Wavy) to Stockholm-based customer engagement platform, Sinch AB, in exchange for cash of approximately US$68m
    (approximately BRL355m) and a 2.70% equity investment in Sinch AB. The transaction is subject to regulatory approval. 
    The group expects to account for its interest in Sinch AB as an investment at fair value through other comprehensive 
    income.
    
    On 26 April 2020 OLX Global B.V. (OLX) merged its subsidiary, Dubizzle Limited (BVI) (Dubizzle) the leading
    classifieds platform for users in the United Arab Emirates, with Emerging Markets Property Group (EMPG). EMPG owns and 
    operates bespoke classifieds portals in different emerging markets across the world, including Bayut in Dubai, Zameen 
    in Pakistan, and Mubawab in Morocco, North Africa. The group also contributed cash of approximately US$75m. Following the
    transaction, the group will hold a 39% interest in EMPG. The group will account for its interest in EMPG as an investment 
    in associate.

Independent auditor's report on the summarised consolidated financial statements

To: the Board of Directors of Prosus N.V.

Our opinion
In our opinion, the accompanying summarised consolidated financial statements of Prosus N.V. (the Company), are
consistent, in all material respects, with the audited consolidated financial statements, on the basis described in 
note 2 "Basis of presentation and accounting policies".

The summarised consolidated financial statements
The Company's summarised consolidated financial statements derived from the audited consolidated financial statements
for the year ended 31 March 2020 comprise:
- the summarised consolidated income statement;
- the summarised consolidated statement of comprehensive income;
- the summarised consolidated statement of financial position;
- the summarised consolidated statement of changes in equity;
- the summarised consolidated statement of cash flows; and
- the related notes to the summarised consolidated financial statements. 

The summarised consolidated financial statements do not contain all the disclosures required by International
Financial Reporting Standards as adopted by the European Union (IFRS-EU) and Part 9 of Book 2 of the Dutch Civil Code. 
Reading the consolidated summarised financial statements and the auditor's report thereon, therefore, is not a substitute 
for reading the audited consolidated financial statements and the auditor's report thereon. 

The audited consolidated financial statements and our report thereon
We expressed an unmodified audit opinion on the audited consolidated financial statements in our report dated 29 June
2020. That report also includes the communication of other key audit matters. Key audit matters are those matters that,
in our professional judgement, were of most significance in our audit of the audited consolidated financial statements
of the current period.

Management's responsibility for the summarised consolidated financial statements
Management is responsible for the preparation of the summary consolidated financial statements on the basis described
in note 2 "Basis of presentation and accounting policies" which states that the summarised consolidated financial
statements have been prepared in accordance with the accounting policies as applied by Prosus and consistent with those
applied in the consolidated financial statements for the year ended 31 March 2020. The summarised consolidated financial
statements contain the information required by IAS 34 Interim Financial Reporting (IAS 34) with the exception of 
IAS 34.56 and accordingly, the financial information for the second half of the current year is not presented separately.

Auditor's responsibility 
Our responsibility is to express an opinion on whether the summarised consolidated financial statements are
consistent, in all material respects, with the audited consolidated financial statements based on our procedures, which we
conducted in accordance with Dutch law, including Dutch Standard 810, 'Engagements to Report on Summary Financial Statements'.

Amsterdam, 29 June 2020

PricewaterhouseCoopers Accountants N.V.
Original has been signed by
Fernand Izeboud RA

Other information to the summarised consolidated financial statements

A.  Reconciliation to Combined Carve-out Financial Statements and the consolidated financial statements
    For purpose of the listing Combined Carve-out Financial Statements were prepared for the combined Prosus group under
    IFRS as adopted by the European Union (IFRS-EU) for the years ended 31 March 2019, 2018 and 2017, and for the quarters
    ended 30 June 2019 and 2018, in accordance with the requirements of IAS 34 Interim Financial Reporting (IAS 34). The
    annual combined carve-out financial statements and the interim combined carve-out financial statements are hereinafter
    referred to as the Combined Carve-out Financial Statements. The Combined Carve-out Financial Statements, which were 
    published for the purpose of the listing of Prosus in a listing prospectus, are available, along with the listing 
    prospectus itself, on the Prosus website.
    
    For reporting for periods beginning on 1 April 2019, Prosus as the legal parent of the group prepared consolidated
    financial statements based on applicable Dutch and European Union law, including relevant comparative financial
    information, which are different in comparison to the Combined Carve-out Financial Statements. In the consolidated financial
    statements for the 2020 financial year (including comparatives), the income statement does not include certain corporate
    allocations which were included in the Combined Carve-out Financial Statements using a range of allocation keys. These
    allocations were not necessarily indicative of the costs included in the historical corporate structure of the consolidated
    financial statements. Also, the consolidated financial statements include the assets and liabilities, income statement
    and cash flows of certain businesses of the Video Entertainment business until its disposal at 28 September 2018, which
    were excluded from the Combined Carve-out Financial Statements.

    Below is a reconciliation to the information presented in the Combined Carve-out Financial Statements of Prosus for
    the year ended 31 March 2019 and for the statement of financial position as at 1 April 2018.

A.1 Income statement reconciliation for the year ended 31 March 2019

                                                          Combined                                       Consoli-       
                                                         Carve-out                                          dated          
                                                         Financial       Reconciling                    Financial      
                                                        Statements             items                   Statements     
                                                             US$'m             US$'m       Notes            US$'m          
    Operating loss                                            (418)               (4)         (a)            (422)          
    Profit from continuing operations                        4 252                (4)                       4 248          
    Loss from discontinued operations                            -              (738)         (b)            (738)          
    Profit for the period                                    4 252              (742)                       3 510          
    Attributable to:                                                                                                 
    Equity holders of the group                              4 307              (726)         (b)           3 581          
    Non-controlling interests                                  (55)              (16)         (b)             (71)           
                                                             4 252              (742)                       3 510          
    Notes                                                                                                         
    (a) Operating loss in the consolidated results includes legal costs that were incurred in respect of the 
        liquidation of Showmax Poland B.V., but does not include certain corporate allocations which were included 
        in the Combined Carve-out Financial Statements.
    (b) As noted above, following the disposal of the Video Entertainment business in September 2018, the results 
        of the Video Entertainment business were classified as a discontinued operation. The Video Entertainment 
        business had non-controlling shareholders that shared in the profits of the segment. Refer to note 4 for 
        details of the loss from discontinued operations.

A.2 Statement of financial position reconciliation as at 1 April 2018
                                                          Combined                                       Consoli-       
                                                         Carve-out                                          dated          
                                                         Financial       Reconciling                    Financial      
                                                        Statements             items                   Statements     
                                                             US$'m             US$'m       Notes            US$'m     
    Assets
    Non-current assets                                      20 087               634          (a)          20 721        
    Current assets                                          11 493               518          (a)          12 011        
    Total assets                                            31 580             1 152                       32 732        
    Equity and liabilities                                                                                                  
    Capital and reserves attributable to                               
    the group's equity holders                              24 082              (207)         (b)          23 875        
    Net parent investment                                   23 307           (23 307)         (b)               -             
    Share capital and premium                                    -             2 032          (b)           2 032         
    Other reserves                                             775            (1 459)         (b)            (684)         
    Retained earnings                                            -            22 527          (b)          22 527        
    Non-controlling interests                                  274              (253)                          21            
    Total equity                                            24 356              (460)         (b)          23 896        
    Non-current liabilities                                  4 460               935          (a)           5 395         
    Current liabilities                                      2 764               677          (a)           3 441         
    Total equity and liabilities                            31 580             1 152                       32 732        

A.2 Statement of financial position reconciliation as at 31 March 2019
                                                          Combined                                       Consoli-       
                                                         Carve-out                                          dated          
                                                         Financial       Reconciling                    Financial      
                                                        Statements             items                   Statements     
                                                             US$'m             US$'m       Notes            US$'m    
    Assets
    Non-current assets                                      22 881               140          (a)          23 021         
    Current assets                                           9 982               (12)         (a)           9 970          
    Total assets                                            32 863               128                       32 991         
    Equity and liabilities                                                                                                
    Capital and reserves attributable                                                                   
    to the group's equity holders                           27 117               133          (b)          27 250         
    Net parent investment                                   27 345           (27 345)         (b)               -              
    Share capital and premium                                   -                599          (b)             599            
    Other reserves                                            (228)               21          (b)            (207)          
    Retained earnings                                            -            26 858          (b)          26 858         
    Non-controlling interests                                  132                 -                          132            
    Total equity                                            27 249               133          (b)          27 382         
    Non-current liabilities                                  4 034                 -                        4 034          
    Current liabilities                                      1 580                (5)         (a)           1 575          
    Total equity and liabilities                            32 863               128                       32 991         
    Notes                                                                                                                 
    (a) These reconciling items relate primarily to balances with various related parties, notably the Video 
        Entertainment business, and were disclosed in the "Net parent investment" in equity in the Combined Carve-out 
        Financial Statements, as these parties were not part of the combined Prosus group, but are part of the consolidated 
        Prosus group. As at 1 April 2018 the reconciling items also include the assets and liabilities of the Video 
        Entertainment business which were excluded from the Combined Carve-out Financial Statements.
    (b) The Combined Carve-out Financial Statements excluded the assets and liabilities, income statement and cash 
        flows of the Video Entertainment business. The net parent investment included the net asset value contributions 
        to and distributions from businesses that were under common control of Naspers Limited (the group's ultimate 
        controlling parent), as they did not form part of the Combined Carve-out Financial Statements. In the consolidated 
        financial statements, the Video Entertainment business does form part of the Prosus group and accordingly the 
        equity reserves have been reallocated to the appropriate line items in the statement of financial position and 
        correctly reflect the composition of the Prosus group.

B.  Non-IFRS financial measures and alternative performance measures
B.1 Growth in local currency, excluding acquisitions and disposals 
    The group applies certain adjustments to segmental revenue and trading profit reported in the summarised consolidated
    financial statements to present the growth in such metrics in local currency and excluding the effects of changes in
    the composition of the group. Such underlying adjustments provide a view of the company's underlying financial performance
    that management believes is more comparable between periods by removing the impact of changes in foreign exchange rates
    and changes in the composition of the group on its results. Such adjustments are referred to herein as "growth in local
    currency, excluding acquisitions and disposals". The group applies the following methodology in calculating growth in
    local currency, excluding acquisitions and disposals: 
    - Foreign exchange/constant currency adjustments have been calculated by adjusting the current period's results to the
      prior period's average foreign exchange rates, determined as the average of the monthly exchange rates for that period.
      The local currency financial information quoted is calculated as the constant currency results, arrived at using the
      methodology outlined above, compared to the prior period's actual IFRS results. The relevant average exchange rates
      (relative to the US dollar) used for the group's most significant functional currencies, were: 

                                                                                               Year ended 31 March                
      Currency (1FC = US$)                                                                       2020        2019      
      South African rand                                                                       0.0667      0.0723    
      Euro                                                                                     1.1103      1.1537    
      Chinese yuan renminbi                                                                    0.1433      0.1485    
      Brazilian real                                                                           0.2398      0.2622    
      Indian rupee                                                                             0.0141      0.0143    
      Polish zloty                                                                             0.2569      0.2684    
      Russian ruble                                                                            0.0152      0.0153    
      United Kingdom pound                                                                     1.2702      1.3084    

    - Adjustments made for changes in the composition of the group relate to acquisitions, mergers and disposals of
      subsidiaries and equity-accounted investments, as well as to changes in the group's shareholding in its equity-accounted
      investments. For acquisitions, adjustments are made to remove the revenue and trading profit/(loss) of the acquired entity
      from the current reporting period and, in subsequent reporting periods, to ensure that the current reporting period and
      the comparative reporting period contain revenue and trading profit/(loss) information relating to the same number of
      months. For mergers, adjustments are made to include a portion of the prior period's revenue and trading profit/(loss) of
      the entity acquired as a result of a merger. For disposals, adjustments are made to remove the revenue and trading
      profit/(loss) of the disposed entity from the previous reporting period to the extent that there is no comparable revenue 
      or trading profit/(loss) information in the current period and, in subsequent reporting periods, to ensure that the previous
      reporting period does not contain revenue and trading profit/(loss) information relating to the disposed business. 

    The following significant changes in the composition of the group during the respective reporting periods have been
    adjusted for in arriving at the pro forma financial information:

    Year ended 31 March 2020 
                                                               Basis of        Reportable          Acquisition/
    Transaction                                                accounting      segment             Disposal      
    Dilution of the group's interest in Tencent                Associate       Social and          Disposal
                                                                               internet platforms         
    Disposal of the group's interest in Flipkart               Associate       Ecommerce           Disposal                  
    Disposal of the group's interest in Travel                                                     
    Boutique Online (TBO)                                      Subsidiary      Ecommerce           Disposal                  
    Disposal of the group's interest in Uaprom                 Subsidiary      Ecommerce           Disposal                  
    Step up in the group's interest in Swiggy                  Associate       Ecommerce           Acquisition               
    Acquisition of the group's interest in Frontier Car Group  Associate       Ecommerce           Acquisition             
    Step up of the group's interest in Frontier Car Group      Subsidiary      Ecommerce           Disposal/acquisition    
    Acquisition of the group's interest in Aasaanjobs          Subsidiary      Ecommerce           Acquisition             
    Acquisition of the group's interest in Selency             Subsidiary      Ecommerce           Acquisition             
    Acquisition of the group's interest in BYJU'S              Associate       Ecommerce           Acquisition             
    Acquisition of the group's interest in Honor               Associate       Ecommerce           Acquisition             
    Acquisition of the group's interest in Zooz                Subsidiary      Ecommerce           Acquisition             
    Step up in the group's interest in Sympla                  Subsidiary      Ecommerce           Disposal/acquisition    
    Acquisition of the group's interest in Wibmo               Subsidiary      Ecommerce           Acquisition             
    Disposal of the group's interest in Kreditech              Associate       Ecommerce           Disposal                
    Disposal of the group's interest in MakeMyTrip             Associate       Ecommerce           Disposal                
    Disposal of the group's interest in LBS                    Subsidiary      Ecommerce           Disposal                
    Dilution of the group's interest in BuscaPe                Subsidiary      Ecommerce           Disposal                
    Acquisition of the group's interest in Iyzico              Subsidiary      Ecommerce           Acquisition             
    Step up in the group's interest in PaySense                Subsidiary      Ecommerce           Disposal/acquisition    
    Acquisition of the group's interest in Red Dot             Subsidiary      Ecommerce           Acquisition             
    Acquisition of the group's interest in Extreme Digital     Subsidiary      Ecommerce           Acquisition             
    Acquisition of the group's interest in ElasticRun          Associate       Ecommerce           Acquisition             
    Acquisition of the group's interest in Meesho              Associate       Ecommerce           Acquisition             
    Acquisition of the group's interest in EMicro Transit      Associate       Ecommerce           Acquisition             
    Acquisition of the group's interest in TTRS Servicos       Subsidiary      Ecommerce           Acquisition             

    The net adjustment made for all acquisitions and disposals on continuing operations that took place during the year
    ended 31 March 2020 amounted to a negative adjustment of US$157m on revenue and a negative adjustment of US$27m on 
    trading profit. These adjustments include a change in estimate related to Mail.ru's deferred revenue.

B.1 Growth in local currency, excluding acquisitions and disposals (continued)
    The adjustments to the amounts, reported in terms of IFRS, that have been made in arriving at the pro forma financial
    information are presented in the table below:
                                                                  Year ended 31 March
                                 2019           2020         2020        2020      2020      2020              2020     2020          
                                    A              B            C           D         E         F(2)              G(3)     H(4)          
                                               Group        Group                                                                      
                                            composi-     composi-                                                                     
                                                tion         tion     Foreign     Local                       Local                    
                                            disposal  acquisition    currency  currency                    currency                    
                                 IFRS(1)  adjustment   adjustment  adjustment    growth      IFRS(1)         growth     IFRS          
                                US$'m          US$'m        US$'m       US$'m     US$'m     US$'m                 %        %  
    CONTINUING OPERATIONS                                                                                                           
    Revenue                                                                                                                         
    Internet                   18 340           (557)         400        (795)    4 067    21 455                23       17          
    Ecommerce                   3 596           (515)         344        (178)    1 019     4 266                33       19          
    - Classifieds                 857             (4)         133         (22)      317     1 281                37       49          
    - Payments and Fintech        360            (11)          25         (20)       74       428                21       19          
    - Food Delivery               377            (16)          55         (45)      380       751  Greater than 100       99          
    - Etail                     1 529           (355)          73         (72)      188     1 363                16      (11)         
    - Travel                      234            (99)           -           -        11       146                 8      (38)         
    - Other                       239            (30)          58         (19)       49       297                23       24          
    Social and internet                                                                                               
    platforms                  14 744            (42)          56        (617)    3 048    17 189                21       17          
    - Tencent                  14 457            (38)           -        (615)    2 975    16 779                21       16          
    - Mail.ru                     287             (4)          56          (2)       73       410                26       43          
    Corporate segment               -              -            -           -         -         -                 -        -          
    Economic interest          18 340           (557)         400        (795)    4 067    21 455                23       17          
    DISCONTINUED OPERATIONS                                                                                                           
    Video Entertainment           644           (644)           -           -         -         -                 -     (100)         
    Group economic interest    18 984         (1 201)         400        (795)    4 067    21 455                23       13          
    (1) Figures presented on an economic-interest basis as per the segmental review.
    (2) A + B + C + D + E.
    (3) (E/(A + B)) x 100.
    (4) ((F/A) - 1) x 100.

                                                                  Year ended 31 March
                                 2019           2020         2020        2020      2020      2020                2020            2020          
                                    A              B            C           D         E         F(2)                G(3)            H(4)          
                                               Group        Group                                                                               
                                            composi-     composi-                                                                              
                                                tion         tion     Foreign     Local                         Local                           
                                            disposal  acquisition    currency  currency                      currency                           
                                 IFRS(1)  adjustment   adjustment  adjustment    growth      IFRS(1)           growth            IFRS          
                                US$'m          US$'m        US$'m       US$'m     US$'m     US$'m                   %               %   
    CONTINUING OPERATIONS
    Trading profit                                                                                                             
    Internet                    3 377             74         (101)       (124)      555     3 781                  16                  12          
    Ecommerce                    (575)            84         (157)         47      (317)     (918)                (65)                (60)         
    - Classifieds                  (6)             1          (31)         15        55        34    Greater than 100    Greater than 100          
    - Payments and Fintech        (43)             6          (17)         (1)      (12)      (67)                (32)                (56)         
    - Food Delivery              (171)            (7)         (91)         28      (383)     (624)  Greater than (100)  Greater than (100)          
    - Etail                      (101)            57            -           3        21       (20)                 48                  80          
    - Travel                      (37)             9            -           -         6       (22)                 21                  41          
    - Other                      (217)            18          (18)          2        (4)     (219)                 (2)                 (1)         
    Social and internet                                                                                                        
    platforms                   3 952            (10)          56        (171)      872     4 699                  22                  19          
    - Tencent                   3 929            (10)           -        (170)      852     4 601                  22                  17          
    - Mail.ru                      23              -           56          (1)       20        98                  87    Greater than 100          
    Corporate segment               -              -            -          (1)       (3)       (4)  Greater than (100)  Greater than (100)          
    Economic interest           3 377             74         (101)       (125)      552     3 777                  16                  12          
    DISCONTINUED OPERATIONS                                                                                                                        
    Video Entertainment          (154)           154            -           -         -         -                   -                 100          
    Group economic interest     3 223            228         (101)       (125)      552     3 777                  16                  17          
    (1) Figures presented on an economic-interest basis as per the segmental review.
    (2) A + B + C + D + E.
    (3) (E/(A + B)) x 100.
    (4) ((F/A) - 1) x 100.

    An assurance report issued in respect of the pro forma financial information by the Naspers group's external 
    auditor is available at the registered office of Naspers.


Administration and corporate information

Prosus N.V.
Incorporated in the Netherlands
(Registration number: 34099856)
(Prosus)
Euronext Amsterdam and JSE share code: PRX ISIN: 
NL 0013654783

Directors
J P Bekker (chair), B van Dijk (chief executive), E M Choi, H J du Toit, C L Enenstein, D G Eriksson, M Girotra, 
R C C Jafta, F L N Letele, D Meyer, R Oliveira de Lima, S J Z Pacak, V Sgourdos, M R Sorour, J D T Stofberg, 
B J van der Ross

Company secretary
G Kisbey-Green

Registered office
Symphony Offices
Gustav Mahlerplein 5
1082 MS Amsterdam
The Netherlands
Tel: +31 20 299 9777 
www.prosus.com

Auditor
PricewaterhouseCoopers Accountants N.V.

Euronext listing agent
ING Bank N.V.
Bijlmerplein 888
1102 MG Amsterdam
The Netherlands

Euronext paying agent
ABN AMRO Bank N.V.
Corporate Broking and Issuer Services
HQ 7212
Gustav Mahlerlaan 10
1082 PP Amsterdam

JSE transfer secretary
Computershare Investor Services Proprietary Limited
Rosebank Towers, 15 Biermann Avenue
Rosebank
Johannesburg 2196
South Africa
Tel: +27 (0) 86 110 0933

Cross-border settlement agent
Citibank, N.A. South Africa Branch
145 West Street
Sandown
Johannesburg 2196
South Africa

JSE sponsor
Investec Bank Limited
(Registration number: 1969/004763/06)
PO Box 785700
Sandton 2146
South Africa
Tel: +27 (0)11 286 7326
Fax: +27 (0)11 286 9986

ADR programme
The Bank of New York Mellon maintains a GlobalBuyDIRECTSM plan for Prosus N.V. For additional information, please
visit The Bank of New York Mellon's website at www.globalbuydirect.com or call Shareholder Relations at 1-888-BNY-ADRS or
1-800-345-1612 or write to: The Bank of New York Mellon, Shareholder Relations Department - GlobalBuyDIRECTSM, Church
Street Station, PO Box 11258, New York, NY 10286-1258, USA.

Attorneys
Allen & Overy LLP
Apollolaan 15
1077 AB Amsterdam
The Netherlands

Investor relations
Eoin Ryan
InvestorRelations@naspers.com
Tel: +1 347-210-4305

Important information
This report contains forward-looking statements as defined in the United States Private Securities Litigation Reform
Act of 1995. Words such as "believe", "anticipate", "intend", "seek", "will", "plan", "could", "may", "endeavour" and
similar expressions are intended to identify such forward-looking statements, but are not the exclusive means of
identifying such statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to
future events and circumstances and should be considered in light of various important factors. While these forward-looking
statements represent our judgements and future expectations, a number of risks, uncertainties and other important factors
could cause actual developments and results to differ materially from our expectations. The key factors that could
cause our actual results performance, or achievements to differ materially from those in the forward-looking statements
include, among others, changes to IFRS and the interpretations, applications and practices subject thereto as they apply to
past, present and future periods; ongoing and future acquisitions; changes to domestic and international business and
market conditions such as exchange rate and interest rate movements; changes in the domestic and international regulatory
and legislative environments; changes to domestic and international operational, social, economic and political
conditions; the occurrence of labour disruptions; and industrial action and the effects of both current and future litigation.
We are not under any obligation to (and expressly disclaim any such obligation to) revise or update any forward-looking
statements contained in this report, whether as a result of new information, future events or otherwise. We cannot give
any assurance that forward-looking statements will prove to be correct and investors are cautioned not to place undue
reliance on any forward-looking statements contained herein.

www.prosus.com
https://senspdf.jse.co.za/documents/2020/jse/isse/PRXE/FY2020.pdf


Date: 29-06-2020 05:50:00
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